More than a fifth of retail space on Chicago’s Magnificent Mile is vacant after shoppers were driven away by the pandemic and unrest. Now, the reopening city urgently needs them to return, Bloomberg News reported. The corridor, one of America’s quintessential big-city shopping experiences, bolsters Chicago’s finances — the zip code where it’s located generated about $150 million from sales taxes in 2019. Last year, that plunged to around $60 million, according to local Alderman Brian Hopkins, whose ward includes the iconic stretch of Michigan Avenue. The Magnificent Mile’s decline has been even more dramatic than other downtown slumps — Chicago has emerged more vulnerable than most due to its longstanding population decline that’s shrinking the tax base, unfunded pension liabilities of more than $30 billion, and a decade-long run of budget deficits. “The vacancies are a concern,” said Chicago Alderman Scott Waguespack, who chairs the city council’s finance committee. “Those sales taxes pay for our programs. If someone buys stuff, that is funding for our budget.” Samir Mayekar, Chicago’s deputy mayor for economic and neighborhood development, said the corridor is “crucially important to the future of the city” and acknowledged the urgency of reinvigorating it.
