Banana Republic on Chicago's Mag Mile plans to close

Another major retailer is saying goodbye to Chicago's Magnificent Mile.

CHICAGO - Another major retailer is saying goodbye to Chicago's Magnificent Mile.

Banana Republic plans to close its Michigan Avenue store.

The lease expires sometime next year.

Gap and Macy’s are some of the other big-name stores that have closed their doors on the Mag Mile.

Crain's Chicago Business reports the vacancy rate along the Mag Mile jumped to 29-percent this summer.