CHICAGO (WBBM NEWSRADIO) -- The Gap announced Wednesday it is permanently closing its Water Tower Place store.
The announcement came just one day after Macy’s announced plans to leave its spot in the mall on Chicago's Magnificent Mile.
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This is Gap's second exit on Chicago's Magnificent Mile, as it also announced earlier plans to close its two-story flagship five blocks south on Michigan Avenue at the end of January.
“As part of our company strategy to adapt to the changing needs of our customer and growth of our online business, we are looking thoughtfully at our real estate to support the best path forward,” spokeswoman Justine Jordan said in an email to the Tribune. “We remain committed to making appropriate and timely decisions on stores that don’t fit our vision for the future of Gap Inc. We are confident these closures will help strengthen the health of our company moving forward.”
Both Michigan Avenue locations are among the 350 Gap and Banana Republic stores that San Francisco-based Gap plans to close by 2023, while opening new stores under its growing Old Navy brand.