North Michigan Avenue
Description
The Magnificent Mile
Michigan Avenue, known as the Magnificent Mile, is one of Chicago's most iconic retail corridors – and for that matter in the whole US. From its flagship stores like Gucci, Louis Vuitton and Tiffany & Co., to major national players such as Apple, Nike and Zara, this celebrated stretch is as much a cultural destination as it is a shopping haven. Framed by architectural marvels like The Wrigley Building, Tribune Tower, and the observation deck at 875 N. Michigan Avenue, Michigan Avenue draws families, affluent shoppers, and international tourists alike – it’s a part of Chicago’s identity.
The Michigan Avenue Experience
The Magnificent Mile blends high-end luxury with m
Chicago’s Michigan Avenue, known as The Magnificent Mile, has experienced sufficient leasing momentum that local retail experts believe that it’s well into its long-awaited comeback. With a 25.48% vacancy rate of its 2.9M SF of inventory, the Avenue certainly still has a road to recovery ahead of it. However, the following points demonstrate why local experts believe that the Avenue has returned:
● Lease signings or store openings in 2024 include Aritzia, Uniqlo, The Harry
Potter Experience, Mango, L’Agence and A. Lange & Söhne;
● The longstanding tenancy of Nordstrom, Neiman Marcus, Tiffany, Ralph Lauren, Hugo Boss, Louis Vuitton, Gucci, Bulgari, Omega, Salvatore Ferragamo, Max Mara, Ermenegildo Zegna, Burberry, The North Face, American Girl and H&M have operated stores on the Avenue for at least 15 years;
● The return of tenants who previously left the Avenue or relocated to another location on the Avenue include Apple, Uniqlo, Sephora, Paul Stuart, Swarovski, Coach, Rolex, H&M, and Ghirardelli;
● Current foreign-based retailers include Louis Vuitton, Gucci, Aritzia, Bulgari,
Omega, Burberry, Salvatore Ferragamo, Mango, Ermenegildo Zegna, Max Mara, H&M and Zara;
● Global American-based brands on the Avenue include Ralph Lauren, Tiffany, Starbucks Reserve Roastery and Tumi;
Clearly, some work remains in order to bring the Avenue all the way back, but with the above-mentioned retailers, along with Alo Yoga, Canada Goose, Hugo Boss, Breitling and David Yurman, the return of Chicago’s Magnificent Mile is well at hand.
SeoulSpice, the fast-casual Korean chain founded by Eric Shin, has officially expanded to Chicago with a new location at 20 N. Michigan Avenue, across from Cloud Gate in Millennium Park. This marks SeoulSpice’s first location outside of the D.C. metro area, where Shin operates seven locations.
Shin, a percussionist for the National Symphony Orchestra, developed SeoulSpice in 2016 to fill a gap in fast-casual Korean dining. Now backed by Invus Group, an investment firm that helped expand Cava, SeoulSpice plans further Chicago expansion, with locations coming to River North (619 N. State St.) and Wicker Park (1480 N. Milwaukee Ave.)—the latter in the former Umami Burger space.
SeoulSpice’s national expansion plans follow the rising demand for fast-casual Korean cuisine, joining a growing list of Korean-inspired concepts in Downtown Chicago and Wicker Park.
Warner Bros. Discovery Retail Experiences is bringing the Harry Potter Shop to Michigan Avenue this April, adding a high-profile retail attraction to one of America’s most well-known shopping corridors. The new store arrives as landlords and city officials work to reinvigorate the Magnificent Mile, which has struggled with rising vacancies in recent years.
The immersive retail space follows successful locations in London and New York, where experiential shopping draws large crowds. Beyond exclusive merchandise, the Chicago store will feature the largest Butterbeer Bar in the U.S., tapping into the growing demand for themed retail experiences that blend food, drink, and interactive elements.
With the Mag Mile evolving to include more entertainment-driven concepts, the Harry Potter Shop could be a key player in revitalizing foot traffic and boosting retail leasing momentum in the area.
New Harry Potter store to open this spring on Chicago's Michigan Ave.
Mango to open flagship store on Chicago's Magnificent Mile in 2025
Aritzia arrived on Magnificent Mile this weekend
Local Expert Analysis
Market Positioning and Leasing Trends
Michigan Avenue consistently ranks among the top high streets in the Chicagoland area and nationwide, often vying for the title of the city’s premier retail destination. With gross rents averaging between $300 and $400 per square foot, the street remains a high-value proposition for flagship stores and luxury brands. Nonetheless, the current retail vacancy rate—hovering above 20%—speaks to ongoing retail issues. While this is an improvement from its pandemic peak of 26%, it remains significantly higher than pre-pandemic levels. Recent leasing trends reveal a cautious but optimistic resurgence. Brands like Aritzia and H&M are stepping into prominent spac
New Developments
Key projects like the redevelopment of Water Tower Place and 830 N. Michigan Avenue are eager to reshape Michigan Avenue’s retail landscape. These initiatives aim to modernize the corridor, introducing new retail concepts, dining options, and mixed-use spaces that cater to evolving consumer preferences.
