Just when you thought the news couldn't get worse for the retail environment in downtown San Francisco, Macy's has delivered a major blow with plans to close its 700K SF flagship in Union Square.
The massive retail outlet at 170 O'Farrell St. is one of 150 underperforming stores Macy's will be closing in the U.S. as it reduces its brand footprint by nearly a third and focuses on luxury brands Bloomingdales and Bluemercury.
The Union Square store, which employs about 500 people, will remain open until a buyer is found for the property. A Macy's representative told San Francisco Supervisor Aaron Peskin that the soonest the store will close is 2025, according to a report in the San Francisco Business Times.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
