Chicago’s famous shopping strip is poised for a magical transformation as Warner Bros. inks a deal to bring a Harry Potter-themed store to the Magnificent Mile.
The multilevel space at TRT Holdings’ 676 North Michigan Avenue, previously occupied by Express, could soon become home to the wizarding world, making Chicago the second place in the U.S. after New York’s Flatiron District to host a long-term Harry Potter store, CoStar reported. JLL’s Matt Ramsey is representing Warner Bros. in leasing negotiations.
The potential deal comes as Mag Mile retail vacancies reached unprecedented levels, with the pandemic, civil unrest and economic shifts leaving the once-thriving shopping hub struggling to rebound.
Retail vacancy along the strip is hovering around 33.5 percent, one of the highest rates on record, according to Kirsch Agency. However, vacancy in the middle portion of the retail sratrip fell to 16.9 percent, said CEO Greg Kirsch.
“We hit bottom in the first quarter and, based on tenants circulating the market and active [letters of intent], the recovery is well underway,” Kirsch said.
The Harry Potter flagship could be a game-changer for the Mag Mile, where closings like the Macy’s in Water Tower Place and the famed Signature Room restaurant left noticeable voids.
With attractions such as interactive wand duels and scavenger hunts, and merchandise like butterbeer, the store aims to become a tourist magnet, offering fans an immersive experience similar to New York’s popular flagship.
“Harry Potter and the Cursed Child,” which just opened at the Nederlander Theatre in Chicago, adds to the franchise’s presence in the city.
In addition to the Harry Potter store, Spanish retailer Mango has secured a lease at Acadia Realty Trust’s 664-670 North Michigan Avenue, a space formerly occupied by Tommy Bahama.
With nearly 4,000 square feet, Mango’s expansion marks another major step toward revitalizing the retail corridor and aligns with its ambitious U.S. growth strategy, as it opens new stores in cities like Seattle, Atlanta and Boston.
— Andrew Terrell
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