Chicago's Magnificent Mile is ‘not invincible.’ Flagship mall faces huge challenges

Almost a half-century after opening, Water Tower Place, the once-bustling retail mall at the north end of Chicago’s Magnificent Mile, remains shiny marble on the outside, but inside it’s losing some of its sparkle. Macy’s, which anchors the south end of the building, announced plans last week to close in a few months, leaving behind a more than 300,000-square-foot hole. In June, restaurant group Lettuce Entertain You closed Foodlife, credited by some as Chicago’s first food hall, and Mity Nice Bar & Grill. Both had been there for 27 years. Another Water Tower retailer, Gap, which has been clos…

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HEDGE accordingly