Uniqlo Chicago will open on a busy corner in downtown Chicago — Photo courtesy of Photo courtesy of Uniqlo

Excitement built for more than a year, when a "Coming Soon" sign first appeared on Michigan Avenue for a new Uniqlo clothing store.

Now, it's finally happened. The Midwest's first Uniqlo is open in downtown Chicago, and it's pretty spectacular.

The low-priced, high fashion Japanese retailer – which sells men's, women's and children's clothing – occupies a massive, 60,000-square-foot, three-level store along the famed Magnificent Mile shopping area. The store's modern and youthful interior is brightly lit and decorated with colorful pop art. Uniqlo's trademark escalator goes up the middle of the store, where there's an inviting Starbucks Coffee shop.

The store carries everything from $12.90 cotton T-shirts to ultra-light down coats for $49.90. It's known for its simple, logo-free, affordable "lifewear," that's basic but cool.

If it's anything like the New York flagship store, it's a fun place for all ages to shop, and there are bargains to be had on everything from leggings to cashmere sweaters.

While it's a huge space, it still might be a crowded place to shop. Uniqlo's new store is located smack dab in the middle of one of Chicago's main tourist hubs at 830 N. Michigan Avenue, by Water Tower Place. It's next door to one of its competitors, H&M (also a pretty giant store).

The Chicago Uniqlo is the second largest of the chain's stores in the U.S. (behind New York's flagship store) and the fifth largest of its 1,600 stores worldwide.