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Magnificent Mile Loses Another Luxury Retailer to Oak Street
Bottega Veneta, an upmarket Italian brand specializing in leather handbags, ready-to-wear, and women’s and men’s fashion, is leaving its longtime store on Magnificent Mile. The luxury fashion boutique is headed for a new retail space at 41 E. Oak St., reported Crains’ Chicago Business.
The Mag Mile is struggling to recover from the pandemic and downtown crime, with a vacancy rate of nearly 30%. Bottega Veneta was a victim of repeated criminal activity, including a Christmas Day robbery last year. While Gap, Macy’s, Uniqlo, Banana Republic, and T-Mobile have all left in recent months, some retailers are willing to try and open a new Mag Mile store.
Bottega Veneta joins other brands such as Chanel, Van Cleef & Arpels, and Cartier, to move to Oak Street amid a strong luxury retail market. The Bottega space totals 5,000 square feet, about half the size of Bottega’s Mag Mile store, according to the outlet.
