Police say the driver lost control and crashed into the front of the building, shattering glass and damaging some displays at Nakamol Chicago.
The crash happened just before 4 p.m. in the 300 block of North Michigan Avenue, Chicago fire officials said.
"I was walking across the street with my kids then I heard like a big explosion," said Ahmad Rumaneh, who witnessed the incident.
Police give update after car crashes into Michigan Ave. store
Police said it began when officers attempted to pull over the car several blocks north on the Mag Mile for traffic violations.
Witnesses said they saw the car going well over the speed limit with officers close behind, however, CPD said it was not a police chase.
"There had to be like 50 cops coming chasing him, high speed coming from all different angles," said Donna Niesen, who also witnessed the incident.
"The officers did follow the vehicle, but they were not chasing the vehicle," said Chicago Police Officer Jose Jara.
A few minutes later, the car ran into the store as the driver apparently tried to avoid another car, police said.
"There was another vehicle turning left off Wacker onto Michigan Avenue. It looks like it appears to avoid that vehicle, possibly lost control and crashed into the store," Officer Jara said.
Luckily, officers said the store was closed at the time.
The vehicle's driver, a 22-year-old man, refused medical attention, and no other injuries were reported, according to fire officials.
Police say the car was reported stolen out of Des Plaines Sunday morning.
Officers took the driver and two passengers into custody near the jewelry store following the crash.
One is being treated for minor injuries, while the other two refused treatment.
Witnesses said they're thankful no bystanders were hurt.
"It's crazy times we live in," said witness Erik Pelligrino. "People are already on edge as it is and then something like this happens."
"The police was chasing the car in downtown Chicago, in a busy area. It should never happen. I was walking with my kids. To be honest I am afraid to walk with my kids anymore on Michigan Avenue because it is not safe," Rumaneh added.
Fire officials said they could not find structural damage to the building, but that the Department of Buildings has been called to the scene to investigate.
Michigan Avenue and Wacker Drive were temporarily blocked off for the investigation but have since been reopened, according to officials.
Sun-Times Media Wire contributed to this report.