After nearly a decade at Acadia Realty Trust’s 11 E. Walton St., Marc Jacobs has shut down its Gold Coast operation.
The shuttered doors are a harsh reminder of the current state of retail both at a national and local level. Chicago’s retail vacancy rate has been rising and chains like Sears and Barneys have felt the blow.
Barneys New York had a Gold Coast location one block north of the now-closed Marc Jacobs store. But when the franchise filed for bankruptcy in August last year, the store closed its doors as well.
The closing of Marc Jacobs leaves 2,700 square foot of retail space up for grabs on the ground floor of the Waldorf Astoria in Chicago. Some are optimistic about filling the space such as Chris Conlon, executive vice president and chief operating officer of Acadia Realty Trust. Conlon told Crain’s that his firm has experienced “robust” interest in the location from other retailers.
“The Rush and Walton intersection has really emerged over the past three to five years to be a dominant retail quadrant within the Gold Coast,” he said to Crain’s. “It’s been endorsed by a lot of great domestic and international retailers that perform very well.”
His firm paid $44 million in 2014 for the retail space in the Waldorf. [Crain’s] — Jacqueline Flynn