North Michigan Avenue

FIELD REPORT: Magnificent Mile Retail Recap & 2026 Outlook

STRATEGY: High-street transition from "Mega-Flags" to "Right-Sized" Luxury & Finance.

1. Brand Profile & Strategy

- L’Agence: (Market Entry) Opened its 11th global door at 900 N. Michigan. Selective expansion.

- JPMorgan Chase: (Consolidation) Developing an 11,800 SF flagship financial center at 830 N. Michigan.

- The North Face: (Downsizing) Relocated from 16,000 SF to a highly efficient 5,000 SF footprint at 605 N. Michigan.

- Mango: (Market Entry) Debuted an 11,000 SF site, marking its Chicago entry via aggressive U.S. expansion.

2. Micro-Location & Dealmakers

- The Anchors: Activity is concentrated at 900 North Michigan (JMB Realty) and the 830 N. Michigan corner.

- Co-Tenancy: New entries are clustering near Aritzia, Alo Yoga, and Harry Potter, reinforcing a shift toward experiential and wellness-focused neighbors.

3. Market Trends: Strategic Optimization

- Inventory Evolution: The data shows a shift away from massive 50,000+ SF apparel footprints. Brands are opting for smaller, higher-margin spaces or "right-sized" units (e.g., North Face).

- Mixed-Use Stabilization: High vacancy (~30%) is driving Office-to-Residential conversions (notably 500 N. Michigan) to provide a built-in consumer base for new retail.

- The Trend: The "Magnificent Mile" is diversifying into a 24/7 neighborhood, blending Global Retail, Institutional Finance, and Tourism/Experiences.

https://chicagoyimby.com/2025/12/year-end-rundown-of-upcoming-magnificent-mile-retail-action.html

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.

https://wirepoints.org/the-fight-to-restore-chicagos-magnificent-mile-to-its-glory-days-wall-street-journal/

Momentum is building on Chicago’s Magnificent Mile — and it’s starting to show. Roughly 18 months after the first signs of revitalization, we’re now seeing real progress:

▸ The Harry Potter Shop is drawing massive crowds with lines out the door.

▸ Construction is well underway at Mango, Uniqlo, The North Face, The Hand and The Eye, and A. Lange & Söhne.

The Magnificent Mile is regaining its energy, and in good time before the 2025 holiday season ahead.

John Vance

Local expert John Vance reports steady recovery along Chicago’s Magnificent Mile, where leasing activity continues to pick up and pedestrian traffic is on the rise.

The Harry Potter Experience Store has opened to strong demand, while A. Lange & Söhne has begun construction at Tribune Tower. Mango and Uniqlo are expected to start work soon, and The North Face has signed to relocate to 605 N. Michigan Avenue. Prime corners, including the former AT&T and Coach spaces, are drawing retailer interest.

With Gold Coast vacancy at 0% and over 10 million annual visitors, retailers are showing renewed interest in Mag Mile spaces under 20,000 SF. Landlords are responding with increased flexibility and creativity to get deals done.

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 ON CONFLICT (id) DO UPDATE SET created_at = EXCLUDED.created_at, title = EXCLUDED.title, body = EXCLUDED.body, street_id = EXCLUDED.street_id, show_on_homepage = EXCLUDED.show_on_homepage, authored_as_location = EXCLUDED.authored_as_location, user_id = EXCLUDED.user_id, deleted = EXCLUDED.deleted, is_street_closing_alert = EXCLUDED.is_street_closing_alert, is_street_opening_alert = EXCLUDED.is_street_opening_alert, brand_id = EXCLUDED.brand_id, entity_type = EXCLUDED.entity_type, urls = EXCLUDED.urls, mentions = EXCLUDED.mentions;

● 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 ON CONFLICT (id) DO UPDATE SET created_at = EXCLUDED.created_at, title = EXCLUDED.title, body = EXCLUDED.body, street_id = EXCLUDED.street_id, show_on_homepage = EXCLUDED.show_on_homepage, authored_as_location = EXCLUDED.authored_as_location, user_id = EXCLUDED.user_id, deleted = EXCLUDED.deleted, is_street_closing_alert = EXCLUDED.is_street_closing_alert, is_street_opening_alert = EXCLUDED.is_street_opening_alert, brand_id = EXCLUDED.brand_id, entity_type = EXCLUDED.entity_type, urls = EXCLUDED.urls, mentions = EXCLUDED.mentions;

● 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 ON CONFLICT (id) DO UPDATE SET created_at = EXCLUDED.created_at, title = EXCLUDED.title, body = EXCLUDED.body, street_id = EXCLUDED.street_id, show_on_homepage = EXCLUDED.show_on_homepage, authored_as_location = EXCLUDED.authored_as_location, user_id = EXCLUDED.user_id, deleted = EXCLUDED.deleted, is_street_closing_alert = EXCLUDED.is_street_closing_alert, is_street_opening_alert = EXCLUDED.is_street_opening_alert, brand_id = EXCLUDED.brand_id, entity_type = EXCLUDED.entity_type, urls = EXCLUDED.urls, mentions = EXCLUDED.mentions;

● Current foreign-based retailers include Louis Vuitton, Gucci, Aritzia, Bulgari,

Omega, Burberry, Salvatore Ferragamo, Mango, Ermenegildo Zegna, Max Mara, H&M and Zara ON CONFLICT (id) DO UPDATE SET created_at = EXCLUDED.created_at, title = EXCLUDED.title, body = EXCLUDED.body, street_id = EXCLUDED.street_id, show_on_homepage = EXCLUDED.show_on_homepage, authored_as_location = EXCLUDED.authored_as_location, user_id = EXCLUDED.user_id, deleted = EXCLUDED.deleted, is_street_closing_alert = EXCLUDED.is_street_closing_alert, is_street_opening_alert = EXCLUDED.is_street_opening_alert, brand_id = EXCLUDED.brand_id, entity_type = EXCLUDED.entity_type, urls = EXCLUDED.urls, mentions = EXCLUDED.mentions;

● Global American-based brands on the Avenue include Ralph Lauren, Tiffany, Starbucks Reserve Roastery and Tumi ON CONFLICT (id) DO UPDATE SET created_at = EXCLUDED.created_at, title = EXCLUDED.title, body = EXCLUDED.body, street_id = EXCLUDED.street_id, show_on_homepage = EXCLUDED.show_on_homepage, authored_as_location = EXCLUDED.authored_as_location, user_id = EXCLUDED.user_id, deleted = EXCLUDED.deleted, is_street_closing_alert = EXCLUDED.is_street_closing_alert, is_street_opening_alert = EXCLUDED.is_street_opening_alert, brand_id = EXCLUDED.brand_id, entity_type = EXCLUDED.entity_type, urls = EXCLUDED.urls, mentions = EXCLUDED.mentions;

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.

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.