South Loop Maxxinistas will have to find a new store to satisfy their retail itch.
T.J. Maxx will shutter its 24,000-square-foot store at 1008 South Canal Street on Jan. 6, nine years after it expanded its Chicago operations by opening five new stores in the city, the Chicago Business Journal reported.
The location’s 50 employees will be transferred to other nearby locations. The company has 11 stores in the Chicago area, including the one at 1008 South Canal.
“We are always assessing and reviewing our real estate strategies, and our decision to close this store reflects that thinking,” T.J. Maxx’s Andrew Mastrangelo told the outlet.
The company’s departure is the latest sign of a retail sector that’s still reeling from the pandemic, which accelerated even more online shopping that caused several retailers to shutter across the Windy City.
A significant drop-off in foot traffic downtown has also contributed to a retail freefall . Albeit, there are some signs of recovery, as pedestrian activity on State Street and Michigan Avenue increased by 75 percent in the third quarter compared to pre-pandemic levels, according to data collected by Chicago Loop Alliance.
On the Magnificent Mile, once known as the premier shopping destination in the city, household brands like Banana Republic, Gap, Uniqlo, Macy’s and Timberland have all boarded up their doors since the public health crisis began. As a result, several landlords have offloaded their space for a steep discount or have had to face foreclosure.
Retail challenges have been apparent in the suburbs, as well. A number of shopping centers, like the Westfield Old Orchard mall in Skokie and the Northbrook Court mall, are undergoing drastic transformations, with residential development and other uses to pivot from a sluggish retail market.
—Quinn Donoghue
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