Despite several stores recently leaving the famed commercial district, there is hope for Chicago’s Magnificent Mile. This week, a startup helping e-commerce brands open physical stores announced a $15 million capital raise. The fundraising was led by existing investors BAM Elevate and Costanoa Ventures, with participation from Equal Ventures, Hyde Park Ventures and others.
The company has co-headquarters in Chicago and since their $50 million Series B round last year they have grown to over 50 brands that operate more than 100 stores across 11 markets. An example of this success story is Collars & Co., a fashion brand that opened its first retail store on Michigan Avenue after an analysis found strong customer base in the area. Justin Baer – founder of Collars & Co.- told Business Journal he knows it will be an “up and down ride” to start but he remains optimistic about Chicago’s long-term potential for brick-and mortar retail growth on the Mag Mile .
