Magnificent Mile Landlords Dealing With 2 More Vacancies

by MR Magazine Staff

Magnificent Mile landlords have two more spaces to fill after Forever 21 and Tommy Bahama said they plan to close stores on the strip. The two closures add to several other gaps in the city’s premier shopping district, including the former Apple Store at 679 North Michigan Avenue that’s been empty since last year, a 5,700-square-foot former Hershey’s shop and a 6,200-square-foot Harley Davidson store above Tommy Bahama, according to Crain’s. A recent report by Newmark Knight Frank showed the Magnificent Mile with a vacancy rate of 12 percent, up from 4 percent in 2015. Forever 21’s landlord, Santa Monica-based Macerich, is courting office tenants for the 30,000-square-foot second floor of the chain’s two-level store, not another retailer. Read more at The Real Deal.