The Fight to Restore Chicago’s Magnificent Mile to Its Glory Days

“The Avenue is still in recovery mode,” said John Vance, a principal at Stone Real Estate. “But it looks better.”

Other parts of Chicago’s retail scene have recovered faster. Luxury retailers including Cartier and Bottega Veneta left Michigan Avenue for the nearby Gold Coast neighborhood. But that shopping corridor is now fully leased, Vance said, prompting some retailers to turn back to the Magnificent Mile.

Lower rents have also helped. Prices have fallen about 24% on Michigan Avenue since 2019, according to Vance.

A flurry of new experiential tenants represent a broadening from the neighborhood’s fashion-centered identity. The Museum of Ice Cream, where visitors can jump into a giant pool of oversize plastic sprinkles, opened in 2022. Next spring, a magic venue called The Hand & The Eye is slated to open with performance areas and a members-only entrance.

On a recent blustery weekday, the Magnificent Mile’s enduring appeal, recent comeback—and a few of its challenges—were on full display.

Customers browsed inside luxury anchors such as Gucci, Bulgari and Bloomingdale’s, amid fall foliage and a mix of modern and Gothic Revival architecture.

Shoppers were also streaming into the Harry Potter Shop, which opened in April. Zoya Popivker, 41 years old, a child psychiatrist in town from New York for a conference, spent about $25 on chocolate frogs for her children.

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