Apple planning new flagship store in Chicago, could be 'transformational' for riverfront retail

Posted:
in General Discussion edited August 2015
Apple is reportedly set to move its store on Chicago's famous Michigan Avenue down the street into a new riverfront location, with a "mostly below ground" design that will mimic that of its iconic Fifth Avenue location in New York.


The Equitable Building at 401 N. Michigan Avenue | Daniel Schwen via Wikipedia


The new store will be built at 401 N. Michigan Avenue, according to the Crain's Chicago Business, about a half mile from Apple's existing outlet. It will sit underneath a 35-story skyscraper on the riverfront, extending into a basement that was previously used as a food court.

Apple will likely construct a large glass entryway --?similar to those used at the Fifth Avenue and Shanghai Pudong stores --?in Pioneer Court, a public plaza adjoining the building. Many in the Chicago real estate community believe that Apple's move will help accelerate the pace of redevelopment in the neighborhood.

"We think it's a very important milestone and a transformational event in terms of validating Michigan Avenue, all the way to Millennium Park and beyond, as a solid retail destination," Chicago-based hotel developer John Rutledge told the publication. "It will be a validator for a lot of other retailers."

Apple is considered a shrewd evaluator of retail real estate, and some estimate that an Apple Store can add as much as 15 percent to a shopping center's bottom line.

"If Apple goes somewhere, it raises the rent expectations in adjacent retail locations," retail industry analyst D.J. Busch added. "I think of Apple along the same lines as Nordstrom, because they're very good site selectors. When you see retailers that are good at selecting their next sites, that's a good indicator of how that area is evolving."

Comments

  • Reply 1 of 6

    Miracle Mile, baby!

  • Reply 2 of 6
    kpomkpom Posts: 655member
    Nice. The existing Michigan Avenue store is a bit cramped, and the location closer to the river is better overall. It's closer to the downtown business district and the relatively new Riverwalk.
  • Reply 3 of 6
    aduzikaduzik Posts: 94member
    Quote:

    Originally Posted by SpamSandwich View Post

     

    Miracle Mile, baby!


    Magnificent Mile ;-)

     

    That would be an interesting spot for it, though. The current store is one of the oldest Apple Stores and it's showing its age. It's been overdue for a revamp for a while now.

  • Reply 4 of 6
    Riverfront... below ground level... Apple's next product is going to be a fish-finder....!
  • Reply 5 of 6
    I didn't know people still lived in Chicago
  • Reply 6 of 6
    Quote:

    Originally Posted by michaeloftroy View Post



    I didn't know people still lived in Chicago



    From what I understand, it's several hundred less each year. Most die from lead poisoning - rather suddenly.

Sign In or Register to comment.