Could Target Replace Macy's in Water Tower Place? Speculation Sparks Mixed Reactions

NBC Universal, Inc.

Rumors that Target could potentially replace Macy's at Water Tower Place along the Magnificent Mile have continued to stir, according to reports, with mixed reactions from Chicago residents.

Despite multiple reports that the Minnesota-based chain is in talks to replace the well-known Macy's storefront, both the company and property owners have yet to announce any concrete plans.

In an email, Target said that the company is "continually evaluating potential store locations to serve new guests," but does not "have any new-store news to share at this time."

A spokesperson from Brookfield Properties, which owns Water Tower Place, said they have yet to confirm future plans for the location and any public discussion is "purely speculative."

In order for any location to come to Water Tower Place, the spokesperson said the vision would need support from the Mayor's office, Alderman's office, Tax Assessor's office, the Mag Mile Association and the local community.

Although some Chicagoans have said Target could be a convenient choice for a storefront on Michigan Avenue, residents like Cook County Treasurer Maria Pappas said the department store "just doesn't fit."

"There's nothing elitist about this. This is just simply saying, 'Please don't sell celery and carrots in Water Tower,'" Pappas said. "It is a magnificent structure."

Pappas said her neighbors have been asking if Target will move into Water Tower Place, saying they are concerned because the Magnificent Mile is known for its high-end stores.

Chicago Ald. Brian Hopkins said Target coming to Michigan Avenue is a rumor and any plans will be brought to the community for comment before a decision is reached.

Macy's announced in January that the company would close its storefront in Water Tower Place as part of a strategy to "right-size its store fleet, announced in early 2020."

Macy's announced the company will close 45 of its department stores by the middle of this year, CNBC reported.

Chicago's State Street Macy's location, along with storefronts in Old Orchard, Oakbrook, Woodfield, Orland Park and Hawthorn Court, will remain open, the company said.

The closures are part of a previously announced plan by Macy's to shut 125 locations by 2023, which the retailer outlined last February.

Contact Us