One-third of Mag Miles shops are vacant. Why?

I wonder if all the BLM rioting and smashed windows during the pandemic and Mayor Lightfoot making sure the police couldn't protect the public had anything to do with this?

Oh well!

How to win on the Mag Mile

Axios News

Nearly a third of Michigan Avenue remains vacant after the pandemic gutted the renowned shopping destination. But the 900 North Michigan Shops building and adjacent Oak Street are bustling.

Why it matters: The story of Michigan Avenue retail venues and restaurants has been doom and gloom over the last three years, but this longstanding, multiuse development could serve as a model for the future of the Magnificent Mile.

State of play: Michigan Avenue's retail vacancy rate is 33%, according to brokerage firm Cushman & Wakefield.

• Topshop, Uniqlo and Best Buy are among the retailers that have left the shopping strip in recent years.

• Owners of the Signature Room — 900 North's neighbor across the street — cited "severe economic hardship" as a reason for the iconic restaurant's abrupt closing late last month.

Between the lines: One reason 900 North hasn't suffered the same fate as some of its neighbors is that its customer base is 80% local, from neighborhoods like Streeterville, Gold Coast and Old Town, the building's business development manager Alicia Skruba tells Axios.

• 900 North markets itself as a "lifestyle building," which includes residences, a gym, restaurants, retail and a salon. The multilevel shopping center currently has only two storefront vacancies.

What they're saying: Having spaces, like a gym, dedicated to daily and frequent visitors, creates a solid customer base, commercial real estate analyst Rhea Stephen points out.

• Stephen tells Axios successful retailers and developers know their demographic. "Daily, the area is steeped in high-income earners who live and work in this medical and university district," she says.

What we're watching: A suburban developer bought 830 N. Michigan — former home of Topshop, Uniqlo and Columbia Sportswear — in August for $40 million, which one broker called "the first post-pandemic investment salvo," according to CoStar. It's been vacant since 2021.

• The clothing brand Aritzia is also slated to move into the former Gap space in the coming months, and H&M will take over Apple's former location at Michigan and Huron.