“In the heart of Chicago’s North Michigan Avenue, one of the nation’s most high-profile shopping areas, a change of major tenants is spotlighting the area’s dramatically new look — and a shift playing out in prominent retail districts around the country.
“The property where retail experience pioneer Nike Town opened in 1992 is bracing for changes: Jeans maker Levi’s has signed a lease to open a two-level, approximately 9,000-square-foot store at 663 N. Michigan Ave. next to that multilevel Nike store in a move from a nearby building, according to people familiar with the situation.
“Connected buildings at 663, 669 and 673 N. Michigan were sold to New York-based Morgan Stanley and Meyer Bergman — a London-based private equity investment manager now known as Mark Capital Management — for $295 million in late 2015.
“Nike’s future has been a frequent topic of discussion on the Mag Mile since 42nd Ward Alderman Brendan Reilly informed constituents last fall that Amli Residential was considering redeveloping the Nike site with a 56-story, 498-unit residential tower with retail at the base. Amli is part of Morgan Stanley.
“The property’s owners have never publicly commented on the high-rise plan, nor have they moved to have the plan reviewed by the Chicago Plan Commission as part of the process to obtain zoning approval.
“Levi’s lease is an apparent indication that the owners are no longer considering a larger redevelopment of the site. That deal filled a space previously occupied by tenants including Garmin.”
“It comes as Nike is in advanced talks to move down the street to a new, two-level space at 540 N. Michigan, those people said. That deal has not been completed and still could fall apart if Nike chooses another option, which could include staying in its longtime space.
“The Nike Town property’s upcoming changes coincide with a broader reimagining of the 1-mile stretch of Michigan Avenue running north from the Chicago River and known as the Magnificent Mile.
“It’s part of a broader recalibration underway across major U.S. retail corridors as legacy brands reassess oversized flagships. After years of expansion fueled by novelty and foot traffic, many apparel companies are now favoring smaller, more flexible stores that prioritize visibility and engagement over sheer square footage — a shift reshaping streets from Chicago’s Magnificent Mile to New York’s Fifth Avenue and other marquee shopping districts.
“In Chicago, plans for a 60,000-square-foot Candy Hall of Fame Experience at 830 N. Michigan Ave. were unveiled last week, joining the likes of a Harry Potter-themed store that opened on the street last year.
“CoStar News reported this week that American Eagle Outfitters plans to open a flagship for three of its store concepts next year at 600 N. Michigan.
“The recent wave of relocations and new tenants on the avenue have been boosted by crowd-attracting experiences such as the Museum of Ice Cream and The Hand & The Eye, a magic-themed space just off the avenue.” (Ori, CoStar News, 4/11/26)
Read the full story at CoStar News
- Nike eyes flagship move decades after bringing ‘retail theater’ to Chicago; Exit from 34-year site would be part of broader changes on North Michigan Avenue, Ryan Ori, CoStar News, 4/11/26
- Developer proposes 56-story residential tower for the Magnificent Mile, Brian J. Rogal, Chicago Tribune, 9/23/25
- 56-story mixed-use tower proposed at 669 N. Michigan; The 668-foot-tall tower would have 498 units, retail, and parking, Lukas Kugler, Urbanize Chicago, 9/30/25