Target reportedly eyeing space along Michigan Ave., could replace Macy's at Water Tower Place Share: CHICAGO (WLS) -- This historic section of Michigan Avenue north of the Chicago River has seen change over the years. This year has been no different. Known as the Magnificent Mile, the retail district and tourist draw is losing, and has lost, some of the big name retailers during the pandemic. WATCH: These big-name retailers are leaving Chicago's Mag Mile See some of the big name retailers who have announced they will leave Chicago's Magnificent Mile. Now come reports that Target may be eyeing the space soon to be vacated by Macy's in Water Tower Place.