As downtown Chicago pedestrian activity hits pre-pandemic levels, many are wondering if new Michigan Avenue stores will open.The I-Team has been following the struggles on Michigan Avenue and the Loop since the COVID-19 pandemic.
"Come to the Loop, it's like kind of surprisingly a little empty, which I thought would be the opposite, being this is like the main heart of downtown. It's kind of empty," Scott said. In fact, vacancy rates have doubled from the pre-COVID levels of only about 15%. "The pandemic certainly changed behavior, where people shop, what they shop for, what kind of merchandise they're looking for has changed a lot and state street hasn't been able to keep up with that So the prices of renting real estate down here are still pre-pandemic levels or approaching pre-pandemic levels," Edwards said.
And there is more progress. The H&M will soon be leaving one North Michigan location empty, but it will be filling a space in the old Apple store, and up-and-coming clothing retailer Aritzia is taking over the former Gap space.