A retail anchor of north State Street is set to close its doors this week.
Chicago’s downtown Old Navy store, located at 150 N. State Street, will officially close its doors for good Tuesday, according to a company spokesperson.
“We regularly and thoughtfully review our real estate to support the best path forward for our brand and Gap Inc.,” the spokesperson continued. “Our Old Navy State Street location will close end of day today, Tuesday, 1/24.”
The retailer urges customers to shop at its other Chicago locations including in the South Loop, Goose Island and along Fullerton Avenue on the city’s Northwest Side.
Old Navy is just the latest casualty to leave the iconic shopping district, which has seen several high profile store closings in recent years.
In October 2022 Banana Republic announced it would close its store at 744 North Michigan Avenue, saying that it had decided against renewing their lease.
The year before that, Macy’s announced it would close its storefront in Water Tower Place. Gap, Uniqlo and Timberland have also closed their nearby locations.
“It’s a blow to the economy,” Ald Brian Hopkins said in October. “A blow to Michigan Ave., no question. But a very desirable location. I have to be optimistic.”
According to Crain’s, the Magnificent 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.