Uniqlo, Paradox Museum Lease on Chicago’s Magnificent Mile

Japanese clothing giant Uniqlo and Paradox Museum are set to fill space that Under Armour is exiting on Chicago’s Magnificent Mile.

The two global names are finalizing plans to open separate spaces at the Clarion Partners-owned 600 Michigan Avenue, Crain’s reported, citing people familiar with the matter. Sportswear giant Under Armour’s lease is set to expire in March.

Uniqlo closed its previous location on the Magnificent Mile in 2021 and is returning with plans to occupy a two-level, 29,000-square-foot space. That’s less than half the size of its previous flagship, which spanned 61,000 square feet at 830 Michigan Avenue.

“A transaction of this magnitude represents a commitment of established retailers to retain position on the street. It helps to stabilize the vacancy from going down more, but it also represents a repositioning,” retail broker Greg Kirsch of Kirsch Agency, who is not involved in the deal, told the outlet.

Paradox Museum, an interactive entertainment brand led by CEO Harris Douros, has locations in Miami and Athens, Greece. It is set to bring its optical illusion exhibits to the third floor of the same building.

The leases are reflective of how tenants are adjusting to changing consumer preferences, moving away from traditional shopping-only spaces to more dynamic, experience-driven destinations.

Clarion Partners has faced tenant turnover at its Mag Mile holdings in recent years, including the departure of Grand Lux Cafe, AT&T and T.J. Maxx. The addition of Uniqlo and Paradox Museum signals a potential turning point for the six-story property as it seeks to redefine itself amid Michigan Avenue’s 34.1 percent vacancy rate.

While many stores have closed or downsized in recent years, recent retail leases offer a glimmer of hope for a resurgence in the area’s retail activity. Spanish fashion chain Mango has leased 8,000-square-foot space at Arcadia’s 664-670 North Michigan Avenue, while Warner Bros. is planning to open a Harry Potter-themed store at 676 North Michigan Avenue.

— Andrew Terrell