Name: Gap closing three-story flagship on Chicago’s Magnificent Mile
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Gap closing three-story flagship on Chicago’s Magnificent Mile

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AdvertisementBy Chicago TribuneDec 08, 2020 at 4:48 pmThe Gap is closing its two-decade home on the Magnificent Mile, leaving a big space to fill on Chicago’s best-known retail street.Signs in the North Michigan Avenue flagship’s windows announce the upcoming closure, but the store remained open for business Tuesday.AdvertisementThe store will close at the end of January, Gap spokeswoman Justine Jordan said in an email.“As part of our company strategy to adapt to the changing needs of our customer and growth of our online business, we are looking thoughtfully at our real estate to support the best path forward,” she said. “We remain committed to making appropriate and timely decisions on stores that don’t fit our vision for the future of Gap Inc. We are confident these closures will help strengthen the health of our company moving forward.”AdvertisementThe clothing chain has occupied the postmodern, since 2000.CBRE brokers are in talks with several tenants to take over the space, said one of the brokers, Luke Molloy. The building could be leased to one or more retailers, Molloy said.The three-story building at 555 N. Michigan Ave. is the type of big, high-rent retail space that could prove difficult to fill in a shaky economy. Waves of national retailers have gone bankrupt or significantly scaled back their real estate footprint because of the COVID-19 pandemic.Experts fear it could take years for vacant retail spaces to fill up and rents to return to pre-pandemic levels. Yet re-leasing efforts could be helped by Gap’s location in the heart of the Mag Mile, once foot traffic returns.The building, at Michigan and Ohio Street, is a short walk to crowd-attracting flagships such as that opened in 2017 and a that opened last year.“It’s one of only a few free-standing retail buildings on the avenue, and it’s arguably the best corner,” Molloy said. “The location is almost impossible to beat.”The upcoming closure was first reported by Crain’s Chicago Business.San Francisco-based Gap Inc. in October to close 220 Gap stores and 130 Banana Republic shops, or about 30% of its total locations in North America. The company said it planned to focus on outlets and e-commerce.AdvertisementChicago-area closures already have included a Gap store at 935 W. North Ave., near Lincoln Park.Businesses have been of office workers and tourists coming downtown since the first stay-at-home orders were issued in March.North Michigan Avenue and other primary retail corridors also have withstood multiple waves of that followed the death of George Floyd at the hands of Minneapolis police in May.Twitter Advertisement

AdvertisementBy Chicago TribuneDec 08, 2020 at 4:48 pmThe Gap is closing its two-decade home on the Magnificent Mile, leaving a big space to fill on Chicago’s best-known retail street.Signs in the North Michigan Avenue flagship’s windows announce the upcoming closure, but the store remained open for business Tuesday.AdvertisementThe store will close at the end of January, Gap spokeswoman Justine Jordan said in an email.“As part of our company strategy to adapt to the changing needs of our customer and growth of our online business, we are looking thoughtfully at our real estate to support...

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The Chicago Tribune is a daily newspaper based in Chicago, Illinois, United States, owned by Tribune Publishing. Founded in 1847, and formerly self-styled as the "World's Greatest Newspaper" (a slogan for which WGN radio and television are named), it remains the most-read daily newspaper of the Chicago metropolitan area and the Great Lakes region. It had the 6th highest circulation for American newspapers in 2017.

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Gap closing three-story flagship on Chicago’s Magnificent Mile

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