The iconic 95-year-old Macy’s store in San Francisco’s Union Square is one of the 150 locations that will be closing, dealing a significant blow to the city’s premier shopping district and its overall downtown recovery efforts. This closure marks one of the largest retail shutdowns in San Francisco.
According to Mayor London Breed, Macy’s Inc. will keep its doors open until a new buyer is found for the property. In her statement, she also mentioned that it may take some time for this process to be completed and reassured that employees will remain employed during this transition.
Originally opened by O’Connor, Moffat & Co. in 1929 as a 244,000-square-foot department store with eight floors, it was later acquired by Macy’s in 1945 and rebranded under their name two years later before undergoing a major expansion.
CBRE Vice President Alex Sagues commented on whether or not department stores are still relevant today: “The question remains – how important are they really when considering consumers’ preferences?”
