Chicago Magnificent Mile exodus continues: Macy's moving out of Water Tower Place

North Michigan Avenue after
June looting

North Michigan Avenue in Chicago, once one of the most prestigious shopping areas in the world, is moving out of Water Tower Place. For the second time in less than a month a major retailer occupying massive space on the Magnificent Mile. Last month the Gap announced it is leaving.

Both retailers are claiming that is about changing retail trends, "right-sizing" is how Macy's sees it.

"It’s going to be a hole in Water Tower Place," Alderman Brian Hopkins told NBC 5. "It’s going to be a challenge to bring in a new tenant and fill that [space]." 

The Mag Mile was struck with two rounds of devestating looting last year. Clearly Chicago's leadership doesn't have the will to protect its businesses and citizens. 

More stores will flee. You can bet on it.

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