Michigan Avenue, aka The Mag Mile, is experiencing a slow but steady retail recovery, with decreasing vacancy rates and increasing foot traffic. This indicates a positive trend, despite earlier declines and ongoing challenges.
The recovery is driven by returning crowds, new store openings, and the conversion of large, underperforming spaces like Water Tower Place. The signs of recovery include…
1 – The vacancy rate on the Mag Mile fell to 29.3% as of July 2025, a significant drop from almost 34% in 2023.
2 – Recovering foot traffic and weekend crowds are returning to near pre-pandemic levels, bringing visiting shoppers back to the area.
3 – New stores and leases from brands like Uniglo and Alo Yoga, along with openings like The Harry Potter Store, are contributing to the rebound.
4 – Landlords and tenants are adapting to new market demands by adopting smaller, more efficient store layouts.
5 – There’s a growing trend of small-format health and wellness businesses, including med spas and fitness studios.
6 – The conversion of larger retail spaces, like converting the upper floors of Water Tower Place into office and medical spaces, allow for continued vitality in the district.
This is not to say that The Mag Mile is completely out of the woods yet. The rebound is slow and not occurring uniformly across the district.
Despite improvements, the overall retail vacancy rate remains high, exceeding 30% in some reports. Michigan Avenue experienced the largest percentage decline in business licenses among Chicago neighborhoods in the past decade falling by more than half, according to Crain’s Chicago Business.
Let me leave you with this…
I don’t know about you, but to a Chicagoan like me who was born and raised inside the city, this is great news. The Mag Mile of my youth in no way compares to what we have today.
Back in the late sixties and early seventies, strolling the Mag Mile was an event in itself.
We’d put on our finest clothes just to make the trip.
Men donned three piece suits with silk cravats while women wearing the latest fashions while covered in their finest jewels, would promenade the mile in the late, afternoon sun.
Back then photographers from the Tribune, the Times, and the old Chicago Daily News were down there taking pictures. Those photos were routinely featured on Sundays near the Who’s Who Columns in the papers.
The busloads of tourists from wherever that we see down there in jean shorts and NFL Jerseys would have been considered sacrilege back then. The Cops probably would have throw them into the back of a Paddy Wagon and no one would have thought it a problem back then.
Why? Because Michigan Avenue meant one thing to us. It meant Chicago. And we couldn’t have been prouder of our city or our heritage back then.
We’d begin our jaunt near the river at The Wrigley Building. We’d lazily saunter, enjoying the windows, the cool afternoon breezes off the lake, maybe running into a friend or two on the trip.
But the end of the excursion was the best part.
The Continental Plaza Hotel, which is now The Westin, was at the end of our walk. We’d go up to the Consort Room and enjoy the finest of dinners as Franz Bentler and his Royal Strings Orchestra serenaded.
As a little boy, not more than four or five, I remember being there dressed in a Sailor Suit. Franz came up to the table, made a big fuss over how cute I was, and asked if I had a request for his orchestra,
I was rather embarrassed being just a lad, and asked him to play whatever he’d like. His Orchestra then played Anchors Aweigh followed by The Navy Hymn, Eternal Father, Strong To Save.
It was pure, unadulterated magic.
To hear that our Mag Mile will survive to live another day brings joy to my heart and a spring to my step. Now if we could ever bring the banks and the money guys back to LaSalle Street again, my day would be complete.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.SalarySolutions.net
www.AccountingSolutionsLtd.com
Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.