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The Magnificent Mile has long been one of Chicago s biggest tourists draws, and a hot spot for retail flagships that build brands and win over customers.
For the last few years, however, storefronts on the renowned shopping district have been emptying out, and the pandemic has been an accelerant.
Late last year, 10.5 percent of the more than 3.3 million square feet of retail space on the Mag Mile was vacant, up from 7.4 percent in 2019 and 6.5 percent in 2018, according to brokerage CBRE. Upcoming exits from Macy s and Gap will push that rate even higher, to at least 16.5
percent.
That doesn t mean it is time to write the Mag Mile s obituary, experts say. But it is time to reinvent the strip. To get its mojo back post-pandemic, Michigan Avenue needs to become an experience that extends beyond shopping, eating and sightseeing.