The Magnificent Mile will soon lose another of its major retailers. Personal care and beauty aid retailer Sephora plans to shutter later this summer its 5,000-square-foot store on Water Tower Place’s fifth floor, joining a long list of outlets that have recently closed their Michigan Avenue operations.
Dave Franecki, a spokesperson for property owner MetLife Investment Management, said the company is not certain when Sephora will close for good, but most likely it will be late July or soon after.
Sephora officials did not return a call seeking comment.
Franecki said he could not comment on what MetLife plans to do with Sephora’s space, or how it plans to revive the 818,000-square-foot, financially troubled mall, which lost Macy’s, its best-known brand, in 2021.
“We’re not discussing it right now, but it’s something we’re continuing to evaluate,” he said.
Magnificent Mile retailers were already reeling from the rise of online shopping when COVID-19 severely curtailed foot traffic on Michigan Avenue. Many retail mainstays such as The Gap shut down, forcing landlords to find new uses for their properties.
The shopping district’s vacancy rate hit about 30% last year, a historic high, according to Magnificent Mile Association CEO Kimberly Bares, but signs of life keep popping up.
Women’s clothing retailer Aritzia agreed to take over the former Gap store at 555 N. Michigan Ave., although it hasn’t opened yet, and the world’s largest Starbucks replaced the former Crate & Barrel at 646 N. Michigan Ave.
Most recently, the operator of the 360 Chicago observation deck near the top of the former John Hancock Center purchased the building’s 95th and 96th floors, which until September housed the Signature Room restaurant and Signature Lounge.
