Colores Mexicanos To Leave Mag Mile After Building Sale, Owners Say

Colores Mexicanos will vacate its storefront on Chicago's Magnificent Mile after four successful years due to the building's sale to North American Real Estate for $47 million. Co-owner Erika Espinosa confirmed they were not offered a lease renewal, as the new owners intend to introduce a brand willing to pay higher rent. The store, which specializes in traditional Mexican crafts, started as a vendor at local street festivals and gained traction through a grant program that allowed them to occupy a vacant space. Their vibrant two-floor shop became a local favorite, hosting events like the annual Day of the Dead celebration. Despite healthy and consistent sales, Espinosa noted that their revenue does not meet the high rent demands of landlords seeking national tenants.

The Magnificent Mile Association did not comment on the closure or support for small businesses. Espinosa is actively seeking a new location nearby, emphasizing the importance of maintaining foot traffic for their business. She remains hopeful due to supportive comments from customers on social media.