A pair of new leases will soon bring Harry Potter and a Spanish clothing store back to the Magnificent Mile, both encouraging signals for a retail district that still has a lot of empty storefronts.
Warner Bros. signed a deal for 10,000 square feet on several levels at 676 N. Michigan Ave., and plans to open an interactive exhibit dedicated to Harry Potter, while Barcelona-based Mango agreed to occupy about 16,000 square feet in the neighboring 664-670 N. Michigan Ave., according to a source familiar with the deals.
It won’t be the first time on the Mile for either Harry Potter or Mango. Water Tower Place hosted a Harry Potter pop-up attraction in 2022 and 2023, while the Spanish clothing line once had a small store in Water Tower Place.
“It’s an obvious positive for the Magnificent Mile, because the Magnificent Mile has been beat up for a bit,” said John Vance, principal of Stone Real Estate. “There is heavy pedestrian traffic back on the Mile, it feels like it’s back up to where it was pre-COVID.”
“It’s a very good sign that you have a retailer that used to be in Water Tower Place decide to return,” he added. “And Harry Potter tested the market, and it was so successful they said, we should do a long-term deal. Ten thousand square feet is no joke.”
The space set aside for Harry Potter had been vacant for some time, so the deal will help decrease the Mile’s vacancy rate, which now stands at about 26%. The shopping district’s vacancy rate hit about 30% last year, a historic high.
Mango and Warner Bros. did not return calls seeking comment.
Warner Bros. will take over the space occupied by contemporary fashion chain Express until 2021. Mango will take over stores now used by Tommy Bahama, Loft and the Chicago Cubs.
There have been other hopeful signs for the Magnificent Mile. The district took a gut punch last September when the owners of the Signature Room near the top of 875 N. Michigan Ave., the former John Hancock Center, abruptly closed the restaurant, citing COVID-19 and subsequent “severe economic hardship.” But in June, the operator of the 360 Chicago observation deck, just below the iconic restaurant, agreed to buy the space and create a new attraction.
Clothing store Alo Yoga opened at 717 N. Michigan Ave. last year, and women’s fashion boutique Aritzia signed a deal in 2022 to occupy the former home of The Gap at 555 N. Michigan Ave. and could open later this year.
“We’re starting to feel good about what’s happening on the Magnificent Mile,” said Denise Chudy, spokesperson for the Magnificent Mile Association.
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