The Lean Mile

LITTLE MORE THAN A DECADE AGO, WATER TOWER PLACE WAS THE ULTIMATE DES-tination for shoppers itching to spend money along the Magnificent Mile. The gray-marble-clad building on North Michigan Avenue was home to retail titans of yore, including Lord & Taylor and Marshall Field’s. The eight-story mall had scores of brand-name shops, chic boutiques, and a bustling food court with a dozen stations each serving a distinct cuisine.

These days, the department stores are gone, leaving vacant spaces. Other familiar retailers have fled, including Gap and Banana Republic, making