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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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Inside The Story

Read more at Crain’s ChicagoConnect With CBRE’s Molloy

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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