May 12, 2021 21:00

Death Spiral Continues

Another one bites the dust:

  • Macy’s is closing its flagship store in Water Tower Place, creating a huge vacancy on the Magnificent Mile during an already challenging time for retail landlords.

    The 170,000-square-foot store in the North Michigan Avenue vertical mall will close after a clearance sale that starts this month and will run for 8 to 12 weeks, Macy’s said Tuesday.

    “After careful consideration, Macy’s has decided to close our Water Tower Place location,” Macy’s said in a statement. “This closure is part of the company’s strategy to right-size its store fleet, announced in early 2020. The decision to close a store is always a difficult one, and Macy’s Water Tower Place has been honored to serve its customers on the Magnificent Mile for 45 years.”

“right-sizing” must be code for something. We’ll figure it out eventually.

Will voters figure out that Groot has single-handedly destroyed what was once the premier shopping destination in the Midwest in a matter of months?

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