Target in talks to replace Macy’s in Water Tower Place, which one local official calls ‘embarrassing’ for Chicago’s Magnificent Mile
Target is looking for space on the Magnificent Mile, and that could include taking over part of the massive store Macy’s is set to vacate in Water Tower Place, according to real estate sources.
It’s a possibility opposed by at least one high-profile resident of Chicago’s famous shopping avenue.
Cook County Treasurer Maria Pappas, who lives near the vertical mall, on Friday spoke out against Target’s potential arrival on the avenue in an interview on WGN Radio. Pappas said a Target store would damage the reputation of Michigan Avenue and nearby Oak Street as destinations for higher-end retailers.
Pappas’ comments came amid widespread rumors of a Target deal on the street and in real estate circles, but it’s unclear how close Target is to signing a deal at Water Tower Place, which is owned by Brookfield Properties.
“How embarrassing is this to the city,” Cook County Treasurer Maria Pappas said during the radio interview. “I’m trying to figure out what is magnificent on the Magnificent Mile about Target? It’s disgusting. I’m like, what are you thinking Brookfield?”
Brookfield is “so desperate they would take anybody who would give them a dollar to get into the building,” Pappas added.
“You don’t put Target next to Gucci, Louis Vuitton, and everything else on Oak Street. It’s a no-no. It demeans the quality of Michigan Avenue,” she said.
Target is “continually evaluating potential store locations to serve new guests” but declined to comment on whether it was considering a Water Tower Place store, spokeswoman Jill Lewis said in an email.
“We are not ready to publicly comment about future plans for the shopping center,” Brookfield Properties spokeswoman Lindsay Kahn said in an email.
Ald. Brian Hopkins, 2nd, whose ward includes Water Tower Place, on Monday described Target as one of several companies in talks with Brookfield Properties to potentially move into portions of the space that Macy’s plans to vacate. Macy’s in January said it would close the store, which occupies portions of all eight floors plus the mezzanine level, in the coming months.
The department store chain leases 323,812 square feet, including 227,212 square feet of selling space. That represents the largest available retail space in all of Chicago, and one of the largest vacancies ever on the Mag Mile.
Brookfield has agreed to tell the alderman when a retailer is chosen for Macy’s space, but he has yet to be informed of a deal, Hopkins said.
Hopkins said he’s unsure whether nearby residents would support a Target, or if it would be seen as not a prestigious enough replacement for the former Marshall Field’s and eventual Macy’s store.
If a Target included groceries, residents of nearby high-rises might support it, Hopkins said.
“Unless they want to sell liquor, I may not have much leverage to stop it either way,” Hopkins said of a potential Target lease.
In January 2019, Hopkins rebuffed plans by Dave & Buster’s to open in the mall, citing concerns by neighbors about fights and other incidents at the chain’s previous location nearby, which has since closed.
Gap, the Foodlife food hall and Starbucks are among other shops that have closed for good in Water Tower Place during the pandemic.
North Michigan Avenue is one of the country’s top retail streets, but it faces a large number of existing and anticipated vacancies about a year into the COVID-19 pandemic. Other vacancies include multilevel flagships formerly leased to Apple, which moved to a new building in 2017, and Gap.
The redevelopment of Tribune Tower into residential condominiums also will reintroduce a large block of retail space onto the street, adding to the competition.
Target has opened a series of smaller, urban stores throughout the Chicago area, and it has a large store on State Street. Target faced a backlash after closing South Side stores in Chatham and Morgan Park about two years ago.
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