Gap Will End Two-Decade Run Along Mag Mile
Ending a run of more than two decades along the Magnificent Mile, Gap is closing its Michigan Avenue location early next year, as part of the retailer’s plans to slim down its brick-and-mortar profile and focus on e-commerce revenue. The store at 555 N. Michigan Ave. will close on Jan. 24, Crain’s Chicago Business reported.
The loss of Gap will leave another big hole on the Magnificent Mile, a shopping district that was struggling even before the coronavirus hit, reported Crain’s.
“We’re swimming upstream right now in terms of any deal,” said Luke Molloy, SVP in the Chicago office of CBRE, who has been hired to lease the property.
Molloy would prefer that a single tenant lease the entire three-story building, which is owned by an affiliate of Ireland-based ECA Capital. However, ECA would break up the space for multiple tenants if necessary, Crain’s reported.
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