CBRE has arranged a 46,000-square-foot retail lease on Chicago’s Magnificent Mile. Aritzia, a Canadian women’s fashion boutique, will open their fourth Chicago area location at 555 North Michigan Avenue in 2023. The deal is the largest completed transaction on the Magnificent Mile in nearly a decade and the first flagship deal since 2019.
CBRE’s Luke Molloy, Danny Jacobson, Steve Ansani, and Cliff Vann represented 555 N. Michigan Avenue ownership in the transaction.
“Coming out of the pandemic, this is an important deal for the Mag Mile, and Chicago in general,” said Molloy. “Aritzia is one of the most sought after brands in the world and they believe in the future of North Michigan Avenue. Aritzia secured the best real estate in the market for their largest store in the fleet and made another long term commitment to Chicago. What they have planned for their new flagshp is incredible and we expect this to be one of many new deals to come as the Maginficent Mile returns to prominence.“
According to a recent CBRE report, shoppers across the U.S continued to make more in-store purchases, as core retail and food services sales grew by 11.5% year-over-year in Q1 to $1.4 trillion, outpacing e-commerce sales, which grew 10.2% year-over-year to $287 billion.
