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Chicago’s most famous shopping strip might be getting a familiar face back.
Gap is reportedly in advanced talks to return to the Magnificent Mile, eyeing a new store at 700 North Michigan Avenue about five years after the retailer closed its longtime flagship on the corridor. If the deal goes through, the San Francisco-based apparel chain would take over roughly 8,325 square feet in the building, according to reports from CoStar News.
The potential lease hasn’t been finalized and could still fall apart. But even the possibility of Gap returning to the Mag Mile carries a bit of symbolic weight for a retail corridor that has spent the past few years trying to shake off its pandemic-era slump.
For anyone who remembers the old setup, this would be a very different footprint. Gap’s former location at 555 North Michigan Avenue was a sprawling three-level flagship that anchored the street for years. That store closed in January 2021 as part of Gap’s nationwide plan to shutter about 350 Gap and Banana Republic locations.
At the time, the timing could hardly have been worse for the Magnificent Mile. Tourism had slowed to a crawl during the pandemic, and the corridor faced waves of property damage and retail theft following the murder of George Floyd. Macy’s also shuttered its Water Tower Place anchor around the same time, adding to a growing list of high-profile vacancies.
Fast-forward to 2026 and the picture is beginning to look different.
Gap’s possible new home would sit at the base of a 49-story residential tower at 100 East Huron Street in a space that previously housed a T-Mobile store that closed in 2023. Other tenants in the building include Saks Fifth Avenue and Zara.
The property itself is owned by a joint venture between Ashkenazy Acquisitions and Aurora Capital Associates. Last year, the owners paid $65 million to lender Aareal Capital Corporation to retain control of the retail complex, known as Chicago Place Mall, before securing a new $33 million senior mortgage on the roughly 300,000-square-foot property.
Gap wouldn’t be the only retailer making a return trip to the avenue. Spanish fashion brand Mango and Japanese retailer Uniqlo have both committed to new spaces after previously exiting the corridor. Other recent additions include a Harry Potter-themed store, Alo Yoga and Italian brands Intimissimi and Falconeri. Meanwhile, Aritzia has already moved into Gap’s former flagship space.
Vacancy on the Magnificent Mile is expected to decrease further, thanks to an increase in leasing activity. A recent report from the Kirsch Agency projects availability along the corridor could fall to about 23.5 percent by the end of 2026, down from a peak of nearly 34 percent early last year.
There are still challenges ahead, particularly at malls like Water Tower Place and the Shops at North Bridge, which continue to struggle with empty storefronts. But if Gap really does return to Michigan Avenue, it would be another sign that the Mag Mile’s retail comeback story might finally be gaining momentum.