Anchor, a retail store on North State Street, is set to close this week.
The Old Navy store in downtown Chicago at 150 N. State Street will officially close on Good Tuesday, according to a company spokesperson.
A spokesperson said, “We regularly and carefully review properties to support our brands and the best path forward for Gap Inc.” We will be closing on Tuesday the 24th.”
The retailer encourages customers to shop at its other Chicago stores, including those on the South Loop, Goose Island, and along Fullerton Avenue on the northwest side of the city.
Old Navy is just the last casualty to leave the iconic shopping district that has seen several big name store closures in recent years.
In October 2022, Banana Republic announced it would be closing its store at 744 North Michigan Avenue, saying it had decided not to renew its lease.
The year before, Macy’s announced the closure of its Water Tower Place store. Gap, Uniqlo and Timberland have also closed nearby stores.
“This is a blow to the economy,” Aldo Brian Hopkins said in October. “Michigan he’s definitely a blow to Avenue, but a very desirable place. I have to be optimistic.”
According to Crain’s, the Magnificent Mile’s vacancy rate hit 29% this summer, and with Banana Republic just under 39,000 square feet, that number is expected to rise even further.