Nike Downsized Chicago Footprint on Magnificent Mile
The retailer has signed a new lease for smaller shop space, shifting its footprint to 540 North Michigan Avenue.
Updated on Sept. 21, 2026 in Commercial
Live Poll
Do you feel the shopping districts in your area are currently heading in the right direction?
Nike has secured a 43,000-square-foot lease at the Shops at North Bridge, marking a move from its current 57,000-square-foot location at 663 North Michigan Avenue. The transition results in a net reduction of 14,000 square feet for the retailer's Magnificent Mile footprint.
Why it matters
The move reflects ongoing shifts in commercial real estate on the Magnificent Mile as the area works to address retail availability. The retail corridor has seen availability levels fluctuate, reaching a peak of 33.8 percent in 2023 before moderating to 26.1 percent by July 2026.
The Magnificent Mile saw an availability rate of 26.1 percent as of July 2026, compared to a 33.8 percent peak in 2023. Pacific Life Insurance Company is investing $40 million to renovate the Shops at North Bridge to modernize the space.
The players
Nike
A global athletic apparel and footwear company that operates retail stores and manages complex real estate footprints.
Pacific Life Insurance Company
A financial services provider that manages real estate investments and retail property renovations.
The details
Nike is relocating to a property at 540 North Michigan Avenue that has been vacant since Forever 21 left in 2018. To prepare for new tenants, Pacific Life Insurance Company is funding $40 million in upgrades to the Shops at North Bridge, including new digital displays, an atrium sculpture, and modern glass facades. The current 57,000-square-foot store at 663 North Michigan Avenue will be vacated as the company consolidates into a smaller 43,000-square-foot footprint.
Timeline
Forever 21 vacated 540 North Michigan Avenue in 2018.
The Mag Mile availability rate reached 33.8 percent in 2023.
The Mag Mile availability rate was 26.1 percent in July 2026.
Money Landscape
This move follows the recent trend of commercial availability rates on the Magnificent Mile, which peaked at 33.8 percent in 2023. The corridor remains in a period of transition as property owners work to modernize spaces to attract retail tenants.
Residents may see changes in the retail mix along the Magnificent Mile as property owners like Pacific Life Insurance Company invest in building upgrades. Consumers should note that major retail shifts can impact the foot traffic and overall shopping environment of the district.
The takeaway
Large-scale commercial renovations, like the $40 million project at the Shops at North Bridge, are currently being used to attract major brands back to prominent retail corridors. Shoppers planning to visit the district may want to monitor for temporary store closures during these transition periods.
Further reading
For more on shifts in the regional market, see Commercial.
Source note: This article includes information reported by The Real Deal New York.
Live Poll
Do you feel the shopping districts in your area are currently heading in the right direction?
