Banana Republic has become the latest retail casualty of the Magnificent Mile, as the chain decided against renewing their lease for the store at 744 North Michigan Avenue, according to Crain's Chicago Business.
The renowned retail strip has seen numerous high-profile exits in recent years, including Gap, Macy's and Timberland.
According to Crain's, the Mag Mile's vacancy rate reached 29 percent this summer, a number that is expected to grow as the Banana Republic vacates just under 39,000 square feet.
The retail chain maintains locations at Roosevelt Collections, located near the intersection of South Clark Street and West Roosevelt Road in the South Loop as well as two factory stores. The factory stores are located in the Loop and Lincoln Park.
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The Mag Mile Banana Republic is expected to close after the lease expires early next year, though a specific date has yet to be announced.
