26 February 2009

Borders to close its huge Chicago store on the Mag. Mile

Borders announced today its closing its huge store on Michigan Avenue in Chicago. The closing, schedule for January 2010, is happening due to performance issues at the location, which opened in 1995. While part of the downturn is evident because of the economy, its obvious that Borders financial issues plays in here as well.

Still, one also has to realize that leasing on the Magnificent Mile is expensive. And since Borders cannot arbitrarily raise prices like many of the clothing stores and what not on the retail street, it can no longer afford the rent.

Borders, however, still has 19 other stores in the Chicagoland market, with three smaller sized Superstores and a Borders Express within 5 miles of the Michigan Ave. store.

Never worked there, but I did like the store. It's huge, like 4 floors. Nice to visit, busy as hell all the time, but I guess just way too expensive to run.

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