Why high streets like Chicago’s North Michigan Avenue will remain as the destination of choice for shoppers and retailers
- Retailers, real estate investors and brokers remain bullish on North Michigan Avenue’s long-term prospects
- The world’s largest Starbucks – a four-level, 43,000 sq ft Roastery – will open on North Michigan Avenue at the end of this year
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 slammed streets known for huge, attention-grabbing spaces.
Experts say streets like North Michigan Avenue will not 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.
