The Magnificent Mile’s Comeback Offers a Blueprint for Downtown Revival

Chicago’s Magnificent Mile is showing signs of renewal after years of pandemic-related decline. Once emptied of shoppers and marked by store closures and crime, the city’s premier shopping corridor is now drawing crowds nearly back to prepandemic levels. Falling crime rates and lower rents have encouraged both retailers and experiential tenants to return. Uniqlo and Aritzia have opened new flagship stores, and attractions like the Harry Potter Shop and the Museum of Ice Cream are adding new energy to the street, long known for its luxury retailers and historic architecture.

Vacancy remains high at roughly 25%, well above its 7% peak years ago, but the trend is improving. Lower lease prices—down about 24% since 2019—have helped lure back brands that previously fled to the nearby Gold Coast, which is now fully leased. Even as a few prime storefronts remain empty and the fate of its urban malls remains uncertain, private security, ongoing renovations, and a new wave of experiential concepts are helping restore vitality to this once-struggling retail artery...

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RSK: Although vacancy remains high, the Magnificent Mile is slowly making a comeback....safety of shoppers being a key. I believe, State Street in Madison, can do the same.