Verizon has closed its big store on the Magnificent Mile, joining the parade of retailers that have left Chicago’s most important shopping strip. The wireless carrier closed its two-story flagship at 840 N. Michigan Ave. on March 17, according to a notice posted at the store’s entrance. With the departure of Verizon and its next-door neighbor, H&M, which is moving down the street, every storefront across from the Water Tower Place mall could soon be empty,
Banana Republic was planning to close its doors for good this week. The clothing store joins other retailers like Macy’s, which formerly occupied space at Water Tower Place, and Uniqlo, which used to reside on the opposite corner of Pearson.
The Gap flagship store also closed recently, and all the closures mean that the occupancy rate has continued to dip. . . .
“We’re at about 29% vacancy right now,” he said. “We’ve been staying under 30%, but this announcement may be what puts us over,
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Old Navy Becomes Latest Retailer to Leave Chicago’s State Street
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Abercrombie & Fitch Co. closed a large store in Water Tower Place, . . .
Across the country, about 5% of downtown retails have closed.
In Chicago vacancy rate is 29%
