Some good news announced for Chicago's Magnificent Mile

Shoppers exit an Aritzia store in the SoHo neighborhood of New York, U.S., on Sunday, Oct. 24, 2021. Photo credit Nina Westervelt/Bloomberg via Getty Images

By WBBM Newsradio Staff Report

(WBBM NEWSRADIO) — After losing multiple retailers over the past several years, Chicago's North Michigan Avenue shopping district is celebrating a big gain.

But is the arrival of a major retailer a positive sign of things to come — or simply an anomaly?

Aritzia, a Canadian women’s apparel chain, will be taking the spot vacated by The Gap, 555 N. Michigan Ave. and leasing 46,000 square feet. Terms of the deal weren’t disclosed.

It’s the biggest retail lease on the Magnificent Mile since 2015, says Alby Gallun, Senior Reporter for Crain's Chicago Business.

“It’s hard to say if this is the beginning of a turnaround, but certainly it’s a good sign,” Gallun told the Noon Business Hour on Monday.

He called the arrival of Aritzia a “big vote of confidence” for the once-vaunted shopping district.

Gallun said there has been noticeably more shopping traffic on North Michigan Avenue in recent weeks. But other retailers must follow to create synergy, he said. Meantime, officials are still retooling the identity of the Mag Mile amid changing trends.