Women’s fashion boutique Aritzia will open its highly anticipated two-story flagship location on Chicago’s Magnificent Mile on Saturday, filling the long-vacant storefront at 555 N. Michigan Ave., former home of The Gap.
The Canada-based chain agreed to occupy the nearly 50,000 square foot building in 2022. It was the largest retail lease on the Magnificent Mile since 2015 and fueled hopes that the beleaguered shopping district would attract other retailers soon.
It’s taken several years, but with popular clothing brand H&M opening last month in the former Apple store at 679 N. Michigan Ave., among other new leasesthe city’s most iconic commercial district is finally starting to see more activity and energy, said John Vance, principal at Stone Real Estate.
“Over the last six to nine months, brokers started saying this avenue was booming,” he said. “Retailers are all essentially street cats; they want to feel the touch and feel of things, and the street feels better, especially with Aritzia and H&M opening.
The Magnificent Mile lost many of its best-known retailers during the pandemic, including the Macy’s flagship store at Water Tower Place, Abercrombie & Fitch, and The Gap, which closed in January 2021. The neighborhood has once again been hit hard hit in September 2023 when the owners of the Signature Room near the top of 875 N. Michigan Ave., the former John Hancock Center, abruptly closed the restaurantciting COVID-19 and the resulting “serious economic difficulties.”
But there have been some signs of hope this year. In June, the operator of the 360 Chicago Observation Deck, located at 875 N. Michigan Ave., just below the iconic restaurant, agreed to buy the space and create a new attraction.
Warner Bros. signed a deal this fall for 10,000 square feet of vacant space at 676 N. Michigan Ave. for an interactive exhibit dedicated to Harry Potter, while clothing store Mango, based in Barcelona, Spain, has agreed to occupy approximately 16,000 square feet in the neighboring neighborhood. 664-670 N.Michigan Ave.
The district’s vacancy rate reached about 30 percent last year, an all-time high, but now stands at about 26 percent.
The new store will be Aritzia’s fifth in the Chicago area and the largest in the Midwest. The company renovated the 1920 building, adding an awning over Michigan Avenue, a customer lounge and curated artwork.
“We’ve seen this building come to life and we’re excited to see it open,” said Kimberly Bares, CEO of the nonprofit Magnificent Mile. “Retailers are watching other retailers very closely and have noticed the strong opening of H&M. The store was full of customers, and I am confident that customers will also be extremely excited about the new Aritzia.
Bares said the store’s awning will be a new landmark for shoppers.
“It’s particularly welcoming and will be a beautiful feature on Michigan Avenue,” she said.
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