July 25, 2019
Best Buy plans to close its flagship store in the former John Hancock Center, the Chicago Tribune reported. The two-level, 35,000-square-foot store is slated to go dark on Nov. 2, adding another big block of available retail on Chicago’s North Michigan Avenue, a/k/a the Magnificent Mile.
Once the Mag Mile store closes, Best Buy will have three locations in Chicago. The company has 31 other stores in the Chicago area.
“This location has one of the highest rents among all our stores, even higher than most of our stores in Manhattan,” a Best Buy spokesman told the Tribune. “We saw business from tourists, but our local customers were more likely to shop at our South Loop, North Avenue or Bucktown stores.”
Completed leases for marquee Mag Mile spaces averaged $450-per-square-foot in 2018, down from $550 the previous two years, the Tribune reported, citing Cushman & Wakefield data.
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