Economy
Chicago Must Revive the Not-So-Magnificent Mile to Thrive Again
Vacant retail space has soared, depriving the city of much-needed tax revenue.
Pedestrians walk past an empty storefront on Michigan Avenue in Chicago.
Photographer: Taylor Glascock/BloombergMore than a fifth of retail space on Chicago’s Magnificent Mile is vacant after shoppers were driven away by the pandemic and unrest. Now, the reopening city urgently needs them to return.
The corridor, one of America’s quintessential big-city shopping experiences, bolsters Chicago’s finances — the zip code where it’s located generated about $150 million from sales taxes in 2019. Last year, that plunged to around $60 million, according to local Alderman Brian Hopkins, whose ward includes the iconic stretch of Michigan Avenue.