Uniqlo has inked a lease for its second Chicago location, taking over the State Street space that H&M is vacating.
The Japanese fast-fashion clothing brand is taking the two-level, 28,000- square-foot store at 22 South State Street, according to the Chicago Tribune. The building is owned by New York-based Acadia Realty Trust.
Swedish clothing retailer H&M is vacating the location at the end of the year.
It will be Uniqlo’s second store in Chicago. The chain opened its first Midwest store on the Magnificent Mile in 2005. It also has a store at Woodfield Mall in Schaumburg.
Chicago’s retail vacancy rate in 2018 hit its highest point since 2010, and popular shopping destinations like State Street and the Magnificent Mile were not immune.
The Magnificent Mile has seen some high-profile retail closings in recent months, including Apple’s move to a riverfront location in Pioneer Court, and Forever 21’s decision to shutter a 30,000-square-foot location. But experts have said that with a correction in rent prices and some innovative moves by retailers, the strip may be poised for a rebound. [Chicago Tribune] — Joe Ward