- Foot traffic on the Magnificent Mile is nearing prepandemic levels, while the area’s crime rate is down 4% year-over-year.
- Retail vacancy sits at 25%, down slightly from 26% in 2023 but still significantly above the 7% rate seen 15 years ago.
- Rents along Michigan Avenue have declined by about 24% since 2019, drawing back major fashion and experiential retailers.
A Retail Comeback In Motion
Chicago’s Magnificent Mile, once the pinnacle of Midwest luxury shopping, is showing early signs of recovery, reports WSJ. After years of struggling with store closures, falling foot traffic, and high-profile crimes during the pandemic, the stretch of North Michigan Avenue is gradually regaining its vitality.
Visits near prepandemic levels as falling rents and reduced crime draw more retailers back to Chicago’s Magnificent Mile shopping corridor.
Who’s Moving In
Recent leases highlight renewed confidence in the area. Canadian fashion brand Aritzia took over a long-vacant 46K SF space, and Uniqlo, which exited the street in 2021, is returning with a new flagship at nearly half its former size. Meanwhile, experiential retailers like the Harry Potter Shop and the Museum of Ice Cream are expanding the avenue’s appeal beyond fashion.
Rents, down 24% from 2019 levels, are helping lure these tenants back. “The Avenue is still in recovery mode,” said John Vance of Stone Real Estate, “but it looks better.”
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Still A Long Way to Go
Despite signs of improvement, the corridor is far from its heyday. Vacancy remains high at 25%, and several storefronts are still advertising available flagship space. Two major malls—Water Tower Place and the Shops at North Bridge—have been handed back to lenders. While the Shops at North Bridge is set for renovations in 2026, Water Tower’s future remains uncertain.
Adding to the challenge, some brands like Cartier and Bottega Veneta have permanently relocated to the fully leased Gold Coast neighborhood nearby.
Crime And Perception
Crime, once a dominant concern, has declined 4% year-over-year in the area’s police district. The Magnificent Mile Association has even added private security patrols. Still, high-profile smash-and-grab incidents at Louis Vuitton and Rolex continue to shape perceptions of safety.
What’s Next
With cheaper rents, increased foot traffic, and a broader tenant mix, the Magnificent Mile may be entering a new phase—less glitzy, more accessible, and more diverse. But the corridor still faces structural challenges, including an oversupply of large, multi-level retail spaces. Its vacancy rate also surpasses other luxury destinations like Fifth Avenue and Rodeo Drive.
Still, real estate insiders remain cautiously optimistic. “The supply didn’t match up with demand,” said Keely Polczynski of Newmark, “but that’s starting to rebalance.”
The Magnificent Mile’s future might not mirror its past—but its trajectory is once again heading upward.
