The decision this week by Best Buy to abandon its location at 875 North Michigan Ave. on Chicago’s Magnificent Mile was just the latest blow to the city’s most valuable stretch of retail. The blocks on Michigan Avenue between the Chicago River and Oak Street are dotted with vacancies, which would have been an unusual sight just a few years ago.
Mid-America Real Estate Corp. principal Stan Nitzberg, a board member of the Magnificent Mile Association, estimates the vacancy rate sits between 9% and 12%, at or near a historic high...
...moreRSK: It is not just malls that are suffering. Somehow, I believe the Mag Mile will survive and thrive once again.
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- - Volume: 7 - WEEK: 32 Date: 12/3/2021 6:11:38 PM -