For over a century, Chicago’s Magnificent Mile has been a symbol of the city’s strength and a hub for commerce, tourism and culture, continually evolving to meet the needs of its city.
More recently, however, this iconic stretch of Michigan Avenue has struggled with public perceptions. While the past few years of economic data strongly challenge these perceptions, I encourage Chicagoans to visit the Mag Mile and see for themselves the enduring strength of this historic thoroughfare.
One can’t help but recognize the Mag Mile is in an exciting period of ascension, both economically and in the public conscience. Foot traffic is on the rise, tourism has rebounded and there are endless opportunities on the horizon for stakeholders and visitors. These opportunities must be approached carefully, and their impact maximized to ensure the upward momentum continues.
The Mag Mile is demonstrating resilience. The district is the top tourism destination in the Midwest, helping Chicago earn the title of best big city in America for seven consecutive years, according to Condé Nast Traveler’s Readers’ Choice Awards.
While Michigan Avenue’s retail environment is unmatched globally, balancing consumer, residential, retail, entertainment and cultural needs is necessary to create a cohesive economic environment. The district is experiencing a natural economic cycle, transitioning from the large-scale retail spaces of the 1980s to smaller, more adaptive spaces that meet contemporary demands.
Michigan Avenue has an advantage; its legacy is built on a century of reinvention. To attract more investment, stakeholders must closely monitor consumer trends. Today’s consumers crave more than just products; they seek experiences. The Mag Mile is adapting by focusing on customization and experiential retail that leave a lasting impression on customers.
In addition to real estate and retail, arts and culture institutions are vital to the Mag Mile’s vibrancy. Incorporating public art displays and cultural experiences into everyday visits significantly enhances its appeal. I advise Chicagoans and visitors to seek out the Mag Mile as an entertainment destination and cultural centerpiece that nourishes the curious and creative.
Investments in the Mag Mile remain steady, making it the uncontested economic powerhouse of Chicago, generating more than $16 billion in consumer spending from January 2019 to July 2023. But it’s more than just an outdoor mall of assorted shops. The Magnificent Mile Association represents nearly 500 members, including institutions like the Cubs, Loyola University, Northwestern University and Walgreens. The Mag Mile is also a neighborhood that more than 120,000 residents call home. It is a social ecosystem that can best thrive when it is recognized as such.
And thriving it is. Existing businesses are betting big on Michigan Avenue: Park Hyatt Chicago and the Realtor Building are each investing in remodels, H&M is opening a new store, and Nike is opening Pegasus and Converse brand stores to complement their flagship location. Two new hotels are opening soon that will include three new restaurants. The Hershey Co. has announced an immersive experience to open in Water Tower Place.
Investing in the Mag Mile is a firm and essential commitment to the future of Chicago. 360 CHICAGO, the 94th floor observation deck at 875 N. Michigan Avenue (formerly known as the John Hancock Center), purchased the 95th and 96th floors, effectively tripling our space in the building and our footprint on Michigan Avenue. We’ve been an anchor attraction on Michigan Avenue for decades and will continue to invest in the district.
By partnering with the Magnificent Mile Association and leveraging the Mag Mile’s unique strengths, businesses can play a pivotal role in its revitalization. The Mag Mile is on the upswing, and we look to the future with optimism and excitement. There has never been a better time to invest in Chicago’s prized avenue.
If you haven’t visited the Magnificent Mile in a while, I encourage you to come see what you’re missing.
Nichole Benolken is managing director of 360 CHICAGO and vice chairman of the Magnificent Mile Association.
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