DOWNTOWN — Macy’s will permanently close its Water Tower Place location along Michigan Avenue’s Magnificent Mile, the retail giant announced Tuesday.
“The decision to close a store is always a difficult one,” said Macy’s spokeswoman Andrea Schwartz in a statement. “Macy’s Water Tower Place has been honored to serve its customers on the Magnificent Mile for 45 years.”
The upcoming closure of the 170,000-square-foot department store at 835 N. Michigan Ave. is part of a previously announced company-wide strategy to “right-size its store fleet,” according to the statement. Announced in February, the initiative calls for closing as many as 125 Macy’s stores over three years.
Employees affected by the closure were notified of the company’s plans, Schwartz said.
“Regular, non-seasonal colleagues who we are unable to place at a nearby Macy’s store will be eligible for severance, including outplacement resources,” according to the statement.
Although regarded as Chicago’s most prestigious shopping district, the Magnificant Mile and its retailers have come under pressure due to coronavirus shutdowns and civil unrest. Macy’s Water Tower Place location was among the retailers damaged during several days of looting over the summer.
A controversial plan to create a special taxing district designed to revitalize the Mag Mile and its businesses stalled after two key aldermen rejected the proposal at City Council in December.
A clearance sale at the Water Tower Place location will begin sometime this month and run for eight to 12 weeks, Schwartz said.
Macy’s says it remains “committed to the greater Chicago community.” The company will continue to serve customers at Macy’s on State Street in the former Mashall Feild’s building, as well as suburban locations.
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