The company replaced the space vacated by Victoria's Secret, which moved to 734 N. Michigan. Columbia will feature its outdoor apparel, footwear, accessories and equipment in the store, a new idea for the Portland, OR company that has traditionally sold out of other retailers. "We've got a very strong brand, and our balance sheet allows us to be a little creative in growth," said Kerry Barnes, VP of retail for the sportswear company. "We have no long-term debt, we're not dependent on outside financing for our retail strategy. We love Michigan Avenue for its millions of tourists." The company is opening up a sixth urban store on Hannepin Avenue in Minneapolis on April 9, Barnes tells GlobeSt.com.

He says he can't comment on the lease price, but says the company is paying a "middle-of-the-road" price per square foot. Marcus & Millichap is forecasting that retail asking rents will stay at below $19 per square foot for the Chicago market for the first half of the year, though Michigan Avenue typically commands higher than average rates.