Mag Mile continues to dwindle with Grand Lux Cafe closure, but experts say there may still be hope

CHICAGO (WLS) -- The Grand Lux Cafe will close its doors for good along the Magnificent Mile on Christmas Eve.

The space will soon be just another vacancy on a list that seems to keep growing, but some people are confident the Magnificent Mile can bounce back.

"It's sad because one-by-one the stores are closing and it's losing the ambiance it had for years," said Nancy Dolan, who works near the Mag Mile.

As one vacant storefront after the next has closed, the health of the city's famed Magnificent Mile appears even bleaker.

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"We don't walk down Michigan Avenue like we used to because so many businesses are closing," said Terry Orr, who ate at the Grand Lux Cafe Friday.

The Grand Lux Cafe has been boldly located at the corner of Michigan and Ontario for 21 years.

The restaurant released a statement earlier this week.

"We have enjoyed being a part of the downtown Chicago community and hope that our guests will continue to dine with us at our other restaurants in the area," the statement read in part.

No specific reason for the closure was given, but the decision comes as store vacancies along the struggling Mag Mile hit a whopping 30%, according to Crain's Chicago Business.

"It's crazy because we've been coming here for the last 15 years and it's insane," Orr said. "Like why are they closing?"

Stone Real Estate Principal John Vance is maintaining a glass-half-full mentality over the impending closure of Grand Lux and its implications for the future of Michigan Avenue.

"This is a bad news and good news situation," Vance said.

SEE ALSO | Chicago Loop, Mag Mile retail vacancy rate is higher than ever but experts see signs tide is turning

He said all of the store closures are just part of the circle of life.

"It allows for change and that's what the avenue and really all high streets across the country need," Vance said. "They need new tenants, new creative ideas to revitalize these streets."

Vance said with stores like Alo Yoga, H&M and Aritzia opening next year, 2024 will look brighter.

"I think the avenue is going to look much better once those three tenants open up in their new locations," Vance said.