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Saks Reopening Two Chicago Stores It Shuttered Pre-Pandemic
Saks Off 5th is returning to State Street in the Chicago Loop after a three-year hiatus. Crain’s Chicago Business reported that the reopening is welcome news for a key Chicago retail strip awash in vacant space.
The discount apparel retailer said it’s reopening a store at 6 S. State St. and another in the NewCity shopping center on the Near North Side after closing both in 2019. The move will lower the retail vacancy rate on State Street, which has spiked since the onset of the COVID-19 pandemic due to a wave of store closings.
State Street needs many more retailers to recover from a pandemic that has been devastating to Loop retail real estate and to State Street in particular, reported Crain’s. However, CBRE’s Luke Molloy told Crain’s he’s seeing more retailers shopping for space along the street.
“It’s a sign that things are coming back,” he said.
- ◦Lease
