Empty storefronts have been a persistent challenge for downtown Chicago in recent years, with politicians and real estate experts attributing the problem to the pandemic, oversized retail spaces in an increasingly online marketplace, high property taxes and, according to some, crime concerns.
In 2021, the ABC7 I-Team documented dozens of vacant storefronts in the downtown district, including along the Loop and the Magnificent Mile. Now, leaders with the Magnificent Mile Association say conditions are improving.
"We are we're thrilled. And you're right. It's been a long time coming. There have been so many people that have been involved in this effort and yet the number of stores that are being leased up, the number of visitors on Michigan Avenue, the momentum is certainly growing," said Kimberly Bares, president and CEO of the Magnificent Mile Association.
Bares said increased foot traffic is helping attract retailers. Among them is Uniqlo, which has opened a location in the heart of Michigan Avenue after vacating a space farther north in 2021.
Asked why the move was significant, Bares said: "Well, this was the former under armor space. It's. It's a two-story space. The globe, the cube that's in the square park is really exciting."
Other recent additions include Aritzia, which Bares said helped kick off the area's comeback in late 2024. New stores and attractions along the corridor include the Harry Potter store, Hello Kitty Café, A. Lange & Söhne, Charles Tyrwhitt, Mango, The Hand & The Eye Magic Show, Hotel Chocolat and Leica Camera.
Additional signed leases include Falconeri, Intimissimi, Portillos, Chase Bank and American Eagle Outfitters.
"American Eagle is coming. That'll be at the old AT&T store. And then in that same building, we've got the cube coming and that's. out of the UK," Bares said.
The Cube, an interactive game experience, is part of what Bares described as a broader trend toward in-person entertainment offerings. The Candy Hall of Fame is also expected to occupy vacant retail space on North Michigan Avenue with a 60,000-square-foot location in 2027.
Bares also pointed to other investments in the district.
"We've had announcements from Water Tower Place, $170 million in new investment there. We've got investment coming with the shops at Northbridge, with Nordstrom," she said.
Data analyzed by the I-Team from Stone Real Estate shows the current vacancy rate along the Magnificent Mile at 17.5%, down from a pandemic high of about 26% in 2022, a level that remained steady through 2025. Separate figures from CoStar show the Magnificent Mile retail vacancy rate at 16.6%.
I-Team report from 2023: Chicago Loop, Mag Mile retail vacancy rate is higher than ever but experts see signs tide is turning
When asked how the area can overcome perceptions that its best days are behind it, Bares said: "I think we beat it with these kinds of conversations where right I've got hire these these people are not actors."
The recovery extends beyond Michigan Avenue, according to Stone Real Estate. The firm reported that the Loop's retail vacancy rate declined to 28.5% from 29.7% in 2024. Its report cited continued growth, including the opening of a Gap Factory store on State Street and additional leases such as a Barnes & Noble at State and Randolph streets.
Visitors and residents interviewed on the Magnificent Mile also said they see positive changes.
"For someone that lives on north Michigan it's good to see I guess, its lively," said Shawn Sachdeva.
"There is actually a lot more than I was expecting every single corner I look it s anew store and I was like wow," said Dorieanne Bone, who was visiting from Nebraska.
Kristen Sims, also visiting from Nebraska, said, "it's very clean I was a little skeptical coming here form Omaha because you see the news. I feel very safe. The store options are wonderful."
Despite the improvements, the Magnificent Mile Association acknowledged that challenges remain, including finding a new tenant for the former Saks Fifth Avenue space, which closed following a nationwide bankruptcy filing.
Experts also point to other retail success stories in the area, including the 900 North Michigan Shops and luxury retail corridors near Oak and Rush streets in the Gold Coast, where smaller storefronts were described as more resilient and quicker to recover than those on Michigan Avenue.