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Highlights
Saks Fifth Avenue is closing its roughly 63,000-square-foot store at 700 North Michigan Avenue, adding a high-profile vacancy to Chicago’s Magnificent Mile.
The closure is part of a "strategic retreat" during the company's voluntary Chapter 11 bankruptcy process, following an earlier wave of 62 closures, mostly Saks Off 5th discount stores.
The departure of Saks leaves another sizable block of prime retail space to fill, highlighting the continued challenges for the Magnificent Mile, whose availability rate stood at 28.1 percent at the end of 2025.