Great global cities have long been anchored by their high streets — the Champs-Elysees in Paris, Fifth Avenue in New York, La Rambla in Barcelona, Omotesando in Tokyo, Regent Street in London, and North Michigan Avenue in Chicago. Over time, many of these iconic destinations have successfully transformed to maintain their relevance as top tourist destinations, key areas of commerce, and core drivers of jobs and tax revenue for their cities.
The COVID era undoubtedly damaged high streets across the world. North Michigan Avenue saw 6.5 million fewer visits per year, accompanied by a 25-35% decrease in property tax revenue; massive losses of sales, hotel, and entertainment taxes; and over 2,000 jobs lost. Despite these challenges, the district continues to employ and entertain residents from all 50 city wards while still generating 18% of citywide hospitality spending, hosting visitors from around the world.
Reinvestment is crucial for global high streets to continually deliver as economic engines for their respective cities. North Michigan Avenue was ready for its next evolution prior to COVID, having not seen major transformation since the 1990s, but today — given the changes in consumer habits, expectations, and lifestyles resulting from the pandemic — it is urgently poised for reinvention. Chicago’s economy, job market, global reputation, and culture depend on it.
By researching the shared components of global high streets and the evaluating current situation on the city’s Magnificent Mile, Gensler and a team of key real estate leaders identified the northern end of North Michigan Avenue as the area with the greatest potential to elevate the experience: a once-in-a-generation opportunity to create a prominent northern anchor, strengthening the entire avenue and offering pedestrians a highly engaging experience on one of the world’s most iconic high streets.
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