CHICAGO — Macy’s has reportedly notified its Water Tower Place landlord they want to leave their Magnificent Mile location.
Mayor Lori Lightfoot confirmed Friday that Macy’s is likely leaving the downtown location.
“It’s something they decided to do months before COVID hit but every business and retailers have been dramatically impacted by COVID and looting that took place earlier this year,” she said.
Lightfoot said her understanding is that Macy’s notified Water Tower Place operator Brookfield Property Partners in February they were considering not renewing their lease.
However, Crain’s Chicago Business reports that sources say the store was not happy with the speed of the police response to last weekend’s looting — the second time the store has been hit since May.
However, another source told Crain’s that negotiations have been in the works for years, following a $31 million revenue drop since 2014.
Sources are reporting if Macy’s makes this move, it would focus on its State Street store.
Macy’s has declined to confirm all this, saying when they “have announcements to make we make them.”
The store has been an anchor for Water Tower Place since it opened in 1975 when it was known as Marshall Field’s.