Chicago's 'Magnificent Mile' waiting for a jolt amid retail upheaval
CHICAGO - North Michigan Avenue seems a little less magnificent lately.
Retail rents fell in 2018 after soaring in recent years, and Chicago's undisputed top shopping destination has faced a long slog in filling high-rent flagship spaces.
The Magnificent Mile's transition is indicative of a broader trend, as "high streets" - the world's most prestigious places to buy and sell goods - grapple with massive changes in consumer habits.
The explosive growth of e-commerce and waves of retailer bankruptcies, combined with rents that skyrocketed in recent years coming out of a recession, have pummeled streets known for huge, attention-grabbing spaces. Experts say streets like North Michigan Avenue won't be knocked from their perch as the go-to destinations for retailers and consumers alike, and there already are signs of the Mag Mile bouncing back after a couple of years of slow leasing.
"We've been an owner of Michigan Avenue retail space since the 1970s and we've seen a lot of cycles," said developer Lee Golub of Chicago-based Golub
