Macy’s Teams Up with TMG Partners to Explore Future of Union Square Flagship
Macy’s, Inc. has announced a new partnership with TMG Partners, a prominent Bay Area real estate firm, to reimagine the future of its historic Union Square property in San Francisco. This collaboration is part of Macy’s broader strategy to evaluate and maximize the value of its real estate portfolio.
The initiative will involve a comprehensive strategic assessment of the site, including potential adaptive reuse and property enhancements. According to TMG Partners CEO Michael Covarrubias, no possible future uses have been ruled out at this stage—including a complete conversion of the property into residential housing.
This joint effort follows Macy’s earlier 2024 announcement to close the Union Square location, naming it one of 150 underperforming stores slated for closure. Despite intentions to sell the property, a buyer has yet to be identified.
Although the redevelopment conversation is still in its early stages, Macy’s flagship Union Square store remains open for business. Additional details and updates on the property’s future are expected to be announced in the coming months.
Image caption: Macy’s historic Union Square location in San Francisco.
