President Trump shades Chicago's Magnificent Mile
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Crowds on Michigan Avenue during marathon weekend. Photo: Carrie Shepherd/Axios
President Trump posted on social media this week that the "Miracle Mile" is "ready to call it quits," sparking a reality check from Chicagoans.
The big picture: The vacancy rate on Michigan Avenue, which is actually known as the Magnificent Mile, has been on the decline, falling from 34% in 2023 to about 23% currently, according to The Magnificent Mile Association, and some of the big tourist attractions have seen lines down the block.
What he's saying: "The Miracle Mile Shopping Center in Chicago, once considered our Nation's BEST, now has a more than 28% vacancy factor, and is ready to call it quits unless something is done about the murder and crime, which is prevalent throughout the City. CALL IN THE TROOPS, FAST, BEFORE IT IS TOO LATE! 'Just the News,'" Trump posted Monday on TruthSocial.
The other side: "Market rents are trending upward for the first time in years. New leases, store openings, and reinvestment continue to bring renewed energy and momentum to the district," Liz Gilbert from The Magnificent Mile Association told Axios in a statement.
- "We remain focused on promoting Chicago's continued growth and safety, working closely with civic and business leaders, the Chicago Police Department, and our City partners to ensure that The Magnificent Mile remains a vibrant and welcoming destination for residents, workers, and visitors alike."
State of play: Spanish retailer Mango is scheduled to open next week on the Mile, and Japanese retailer Uniqlo next spring, Gilbert said.
Reality check: One retail location just off the Mag Mile that has struggled to find a tenant since it opened 16 years ago is Trump Tower.
Zoom in: Newmark, which took over leasing for Trump Tower a few months ago, promotes the growth on Michigan Avenue and a rise in tourism as a draw for potential tenants of the 70,000 square feet of space, pointing to upcoming attractions like Universal Studios' immersive horror experience and The Hand & the Eye magic parlor.
- Newmark is currently in negotiations with a potential tenant, managing director Jim Schutter told Axios.
- "We're viewing this as a really wonderful, outstanding, high-profile real estate, and we're hoping people look at it as an opportunity, regardless of the branding on the building," Schutter responded when asked whether Trump's name was helpful or a hindrance in leasing the space.
Between the lines: The riverfront retail space at Trump Tower is not easily accessible, compared with walking right up to a store or restaurant right on the Mag Mile. Patrons have to weave through a set of stairs on the east side or enter from Wabash.
Yes, but: Schutter wouldn't speculate about why the space hasn't been leased, but he said he doesn't think access is the problem, noting that more than a million people annually walk past it to take the Wendella boat tours. Plus, he said, rents are more affordable there than at locations right on the avenue.