Nike moves into smaller Mag Mile digs as retail corridor rebounds

Nike signed a 43,000-square-foot lease for two floors at the Shops at North Bridge at 540 North Michigan Avenue, which was vacated by fast-fashion retailer Forever 21 in 2018.

Nike is going to be moving out of 663 North Michigan Avenue, its larger current location, soon.

The deal comes at a time when the availability rate on the Magnificent Mile is dipping amidst a rebound for Chicago's luxury retail corridor. The Mag Mile's availability rate was 26.1 percent in July, down from all-time highs of 33.8 percent that were notched in 2023, according to Crain's. Availability rate differs from vacancy rate, but only slightly: it denotes the empty space and the space that will soon lose its tenant with nothing else lined up.

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RSK: Only the pandemic slowed down the retail sector and now it is roaring back.