Axios Chicago

February 25, 2024
Happy Sunday, the last one in February.
Situational awareness: We want to wish a BIG happy birthday to our fearless, wise and patient editor Alexa Mencia. We hope she is enjoying a Sunday without pesky reporters bugging her for once.
Today's newsletter is 635 words — a 2.5-minute read.
1 big thing: The state of city malls
Water Tower Place. Photo: Carrie Shepherd/Axios
Several malls inside Chicago's city limits are trying to fend off the death of in-person shopping.
The big picture: City malls are facing retail vacancies due to higher rent prices and decreased foot traffic as downtown continues to see mixed results with workers returning to the office.
- While the challenges are different from suburban malls — due mainly to cost of land and density, developers are adopting some of the same solutions, like reinventing spaces as lifestyle and entertainment hubs.
By the numbers: North Michigan Avenue's vacancy has risen to 33%, or at least 1 million of the street's 3.2 million square feet, since 2021, Crain's reports.
State of play: Chicago's Water Tower Place is signaling a move away from retail, looking to sell off its top floors to office space. This comes after the owners of the distressed mall walked away from the property in 2022.
- Meanwhile, 900 N. Michigan (just north of Water Tower Place) appears to be standing strong — due in part, building managers say, to marketing the shopping destination as a "lifestyle building," with a gym and a salon.
Zoom in: Three city malls are in danger of becoming ghost malls and eventually dying off.
📍 Water Tower Place
835 N. Michigan Ave.

Chicago's granddaddy luxury mall, a focal point in many local families' holiday memories, has so far fended off the Grim Reaper.
- Though the American Girl and Lego stores still attract many shoppers, Water Tower Place lost Macy's last year and is selling off the top floors for possible office use — not a great sign for the famous Mag Mile anchor.
📍 Century Shopping Centre
2828 N. Clark St.

In the 1990s, this was the place for city teens to hang out and get the same mall experience suburban kids got from Woodfield or Spring Hill. Over time, the mall changed ownership and eventually became just a big foyer for the Landmark Cinema upstairs.
Yes, but: Century Centre has made renovations, adding entertainment and lifestyle attractions like an arts spinning studio to complement an ax-throwing spot and an Aveda training center.
📍 The Shops at North Bridge
520 N. Michigan Ave.

This was a highly touted luxury mall when Nordstrom came to Michigan Avenue in 1995. Over time, the mall has featured apparel shops, high-end chocolatiers and a bustling food court.
- Today, most of the remaining stores are on the first floor, which connects to the department store's main floor.
- Because more offices have gone remote, the fourth-floor food court is a shell of what it once was.
2. Popularity Contest: The week's most-read stories
Illustration: Brendan Lynch/Axios
💰 Gov. JB Pritzker unveiled his budget plan, and we broke down the key takeaways.
📻 You set your dial for our story on billionaire George Soros potentially taking over several Chicago radio stations.
🔑 Carrie's story on the new wave of private clubs in town had you massaging the "like" button.
🇫🇷 And you salivated over Monica's review of the humongous new French restaurant on Hubbard Street.
😢 What we're watching: Tom Skilling retires this week.
3. 📸 Photos of the day: 1970s Black history
Two men on the South Side in May 1974. Image courtesy John White/US National Archives. Photo: Smith Collection/Gado/Getty Images
For Black History Month, Axios' Russ Contreras combed the national Getty Images archives to find photos of Black America from 50 years ago.
- There are some stunning photos, but the above snapshot grabbed our attention because it was from Chicago.
So we did some digging and found a trove of fascinating images from Black Chicago around that time, most taken by Pulitzer-prize winning Chicago photographer John White.
The intrigue: In one photo of a counter at a jewelry store, the caption read that Chicago had the most Black-owned businesses in the country.
- Black Enterprises Magazine reported at the time that Chicago had 14 of the nation's top 100 Black-owned businesses, one more than New York.
- Atlanta holds that distinction today.
Here are just a few of the unearthed photos:





Edited by Alexa Mencia and copy edited by Rob Reinalda.
🎧 Carrie loves to use Sundays to catch up on podcast listening and suggests "City Cast Chicago," just named Chicago's Best Podcast by Chicago Reader!
🥣 Monica knows so many people with COVID right now. It's keeping her chicken soup making skills sharp. Take care out there.
🤗 Justin is excited for the 'Hawks game tonight. Not only are they retiring Chris Chelios' number, but they are welcoming Patrick Kane back for his first time against Connor Bedard. And MJ will be there? C'mon.
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