MarketMagnificent Mile
Company Profile

Magnificent Mile

The Magnificent Mile is the approximately one-mile-long stretch of Michigan Avenue from the Chicago River to Oak Street on the Near North Side of Chicago, Illinois. It divides the neighborhood of Streeterville, on its east, from River North, on its west.

History
: the Beaux Arts Wrigley Building (left) and neo-Gothic Tribune Tower After the Great Chicago Fire of 1871, State Street (anchored by Marshall Field's) in the downtown Loop, especially the Loop Retail Historic District, was the city's retailing center. The convenience of mass transit including streetcars and elevated trains, supported a retail corridor along State Street from Lake Street to Van Buren Street. The Rush Street Bridge was the swing bridge for this area. The opening of the Michigan Avenue Bridge in 1920 created a new commercial district. After the Great Depression and World War II, Arthur Rubloff and William Zeckendorf bought or controlled most of the property along this stretch of the avenue and supported a plan by Holabird & Root for construction of new buildings and renovation of old ones that took advantage of new zoning laws. Rubloff and Zeckendorf successfully developed and promoted the area until it became one of the most prestigious addresses of the city, spurring new investment along the Magnificent Mile and throughout the Near North Side. After 1950, suburban development reduced the Loop's daily significance to many Chicagoans as downtown retail sales slipped. However, the Magnificent Mile kept a luxury shopping district close to the central business district. The opening of the 74-story Water Tower Place in 1975 marked the return of Chicago to retailing prominence. New major openings post-pandemic include the world's third Harry Potter Shop, a Uniqlo flagship, Mango, Aritzia, Leica Camera, Museum of Ice Cream, Hotel Chocolat, RIU Hotel, and more. Subsequently vacancy along Michigan Avenue has fell below 25%. Planned openings into 2027 include the world's first Candy Hall of Fame, a new American Eagle flagship store, high wealth JP Morgan Chase branch, and a Intimissimi and Falconeri retail location. ==Description==
Description
Today, The Magnificent Mile contains a mixture of upscale department stores, restaurants, retailers, residential and commercial buildings, financial services companies, and hotels, catering primarily to tourists. The Magnificent Mile includes of retail space, 460 stores, 275 restaurants, 51 hotels, and a host of sightseeing and entertainment attractions to more than 22 million visitors annually. The Magnificent Mile hosts department stores Bloomingdale's, Neiman Marcus, and Nordstrom. Retailers on The Magnificent Mile include: Canada Goose, Cartier, Bulgari, Burberry (its U.S. flagship location), Gucci, Louis Vuitton, Tiffany & Co., Max Mara, St. John, Omega, Stuart Weitzman, Montblanc, Rolex, Ralph Lauren (Ralph Lauren's largest store in the world), Kate Spade, Henri Bendel, Hugo Boss, Salvatore Ferragamo, American Girl, Ermenegildo Zegna, Zara, MCM, Tumi, Kiehl's, J. Crew, H&M, Paul Stuart, David Yurman, Victoria's Secret, and Starbucks Reserve Roastery (largest Starbucks in the world). In the aftermath of the COVID-19 pandemic, the Magnificent Mile lost Banana Republic, Gap, Macy's, Uniqlo and Timberland, among other retailers. Hotels and dining Renowned and critically acclaimed restaurants such as The Signature Room at The 95th, Spiaggia, Tru, The Pump Room, Lawry's The Prime Rib, The Grand Lux, and The Park Hyatt Room provide a variety of dining options. Three 5-star hotels (The Peninsula Chicago, Four Seasons Hotel Chicago, and Ritz-Carlton Chicago) and Illinois' only 4-star hotel (Park Hyatt) are located within about five blocks along The Magnificent Mile. Other hotels such as the InterContinental Chicago Magnificent Mile, Knickerbocker, Westin, Drake Hotel, and the RIU Hotels Chicago offer convenient luxurious accommodations as well. Selected luxury-class hotels are shown below: Banks The largest banks have branches along the strip including the three largest banks in the nation: Bank of America, Citibank, and JPMorgan Chase's Chase Bank. Additionally, the largest banks in Chicago are present, such as Harris Bank, which is technically across the street from The Magnificent Mile. American Express has a Magnificent Mile address for one of its two Chicago service offices. Fidelity Investments has an office at the foot of The Magnificent Mile. Chicago landmarks Historic and landmark presences are shown in the table below, which lists Chicago Landmarks, National Register of Historic Places locations, and National Historic Landmarks along The Magnificent Mile. At the northern edge of this district on the west, one finds the exclusive One Magnificent Mile building and Oak Street running to the west. Also, at the northern edge of the district one finds the Chicago Landmark East Lake Shore Drive District, an extremely expensive and exclusive one-block area of real estate running east from N. Michigan Ave. and facing directly onto Lake Michigan. At the southern edge of the district, the Michigan Avenue Bridge sits among four majestic 1920s skyscrapers, two of which are on The Magnificent Mile (Tribune Tower and the Wrigley Building), and two of which are not (333 North Michigan and London Guarantee Building). These buildings are contributing properties to the Michigan–Wacker Historic District. Several of the tallest buildings in Chicago are located in The Magnificent Mile district: Malls Store is a highlight of Water Tower Place. It frequently exhibits lifesize or larger than life characters at the main entrance of the mall. ==Seasonal events==
Seasonal events
With each season, the ambiance of The Magnificent Mile changes. This change is signaled by several official events: Median planters were constructed as part of a streetscape improvement project in 1994. In the spring, hundreds of thousands of tulips bloom from mid April until the end of May. In 2008, a public art installation of kinetic sculptures designed by local and international architects was placed in the garden beds. During the summer, the "Gardens of The Magnificent Mile" festival event occurs. It is a self-guided landscape display walking tour. In 2007 and 2008, fashion dress forms graced the garden beds. The forms were designed by students from the Illinois Institute of Art – Chicago and the International Academy of Design and Technology, as well as prominent designers located on the Avenue. In 2009 and 2010 the first ever Summer Concert Series presented by Walgreens brought top level musical talent to the Avenue for free lunchtime shows for guests, locals, and employees of the Avenue. Past artists include: Collective Soul, Better Than Ezra, Mat Kearney, Michael Franti, Kris Allen, and Guster. Days on The Magnificent Mile with CTA bus in view. The tradition of lighting the trees of The Magnificent Mile to start the Christmas season extends more than forty years. More than one million lights are lit and fireworks follow the event. The day of the event has special activities and offers across Magnificent Mile businesses, plus interactive holiday booths in Pioneer Court, and a free concert with free concerts featuring popular artists all afternoon on the Harris Stage (past artists have included Jason Mraz, Mitchel Musso, and KT Tunstall). In the evening, Mickey Mouse and Minnie Mouse lead a procession down Michigan Avenue from Oak Street to Wacker Drive, stopping at each block to light the trees. He brings along other Disney friends, marching bands, celebrities and more. It is considered the first annual Christmas procession of the year. ==Transportation and infrastructure==
Transportation and infrastructure
North Michigan Avenue is a six-lane two-way street that is serviced by Chicago Transit Authority public buses along the Magnificent Mile that connect the area to the entire Chicago metropolitan area. It is also serviced by seasonal trolley service along the street, and the foot of the Magnificent Mile is serviced by seasonal water transit services. Two blocks west along State Street, the Chicago 'L' rapid transit services the street via its Red Line. Pedestrian traffic abounds along the broad sidewalks that are shielded by extensive, mature greenery that provides much of the friendly atmosphere. In autumn 2011, North Michigan Avenue was completely repaved from the Chicago River to Oak Street with a durable stone-matrix asphalt pavement mix that incorporated high levels of recycled materials, including waste shingles, ground tire rubber, and asphalt millings, diverting some 800 tons of material from landfills. The $1 million project was completed without ever completely halting traffic on the street. In July 2012, the City of Chicago and CDOT were honored with the Environmental Leadership Award from the National Asphalt Pavement Association. Intersections and Bears announcer Jack Brickhouse moved its congregation to North Michigan Avenue in 1914. (closed) and Banana Republic locations nestled between its Tiffany & Co. and Polo Ralph Lauren corner stores. ==References==
tickerdossier.comtickerdossier.substack.com