CHICAGO — Women’s fashion boutique Aritzia will open its eagerly anticipated two-story flagship location Saturday on Chicago’s Magnificent Mile, filling the long-vacant storefront at 555 N. Michigan Ave., former home of The Gap.

The Canada-based chain agreed to occupy the nearly 50,000-square-foot building in 2022. It was the most significant retail lease on the Magnificent Mile since 2015 and fueled hopes that the beleaguered shopping district would soon entice other retailers.

It’s taken several years, but with popular clothing brand H&M opening last month in the former Apple store at 679 N. Michigan Ave., among other new leases, the city’s most iconic retail district is finally starting to see more activity and energy, said John Vance, principal of Stone Real Estate.

“In the past six to nine months, brokers have started to say that the avenue is on the upswing,” he said. “Retailers are all basically street cats; they want to get the touch and feel of things, and the street just feels better, especially with Aritzia and H&M opening.”

The Magnificent Mile lost many of its best-known retailers during the pandemic, including Macy’s flagship store in Water Tower Place, Abercrombie & Fitch and The Gap, which closed in January 2021. The district was hit hard again in September 2023 when the owners of the Signature Room near the top of 875 N. Michigan Ave., the former John Hancock Center, abruptly closed the restaurant, citing COVID-19 and subsequent “severe economic hardship.”

But there have been some hopeful signs this year. In June, the operator of the 360 Chicago observation deck at 875 N. Michigan Ave., just below the iconic restaurant, agreed to buy the space and create a new attraction.

Warner Bros. signed a deal this fall for 10,000 square feet of vacant space at 676 N. Michigan Ave. for an interactive exhibit dedicated to Harry Potter, while Barcelona, Spain-based clothing store Mango agreed to occupy about 16,000 square feet in the neighboring 664-670 N. Michigan Ave.

The district’s vacancy rate hit about 30% last year, a historic high, but now stands at about 26%.

The new store will be Aritzia’s fifth in the Chicago area and its largest in the Midwest. The company renovated the 1920 building, adding a marquee canopy on Michigan Avenue, a customer lounge and curated artwork.

“We’ve watched this building come to life, and we’re thrilled to see it open,” said Kimberly Bares, CEO of the nonprofit Magnificent Mile Association. “Retailers watch other retailers very closely, and they saw the strong opening that H&M had. The store was teeming with customers, and I have no doubt customers will also be tremendously excited by the new Aritzia.”

Bares said the store’s canopy will be a new landmark for shoppers.

“It’s particularly inviting, and will be a beautiful element on Michigan Avenue,” she said.

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