The Gap's Michigan Avenue flagship store closing after 20 years

CHICAGO (WLS) -- The Gap is closing its flagship store on Chicago's Magnificent Mile after 20 years.

"As part of our company strategy to adapt to the changing needs of our customer and growth of our online business, we are looking thoughtfully at our real estate to support the best path forward," the company said in a statement. "As a result, we are closing a number of stores across the Gap Inc. fleet, including our Gap brand store on Michigan Avenue at the end of January 2021."

The Gap opened at 555 N. Michigan in 2000.

Signs are already up announcing the closure but the store was open for business on Tuesday.

"We remain committed to making appropriate and timely decisions on stores that don't fit our vision for the future of Gap Inc.," the statement continued. "We are confident these closures will help strengthen the health of our company moving forward."