San Francisco Old Navy becomes the latest store to close in a crime-ridden city
An Old Navy store that has been in San Francisco for three decades is set to close this summer, adding to the growing list of stores closing in the crime-ridden city.
The Market Street location – just three miles away from the company’s headquarters – will close on July 1 once the lease expires, according to a company statement.
“Old Navy is always evaluating its real estate portfolio to ensure a healthy fleet of stores that can provide the best possible experience for our customers,” said Gap Inc., owner of a number of retailers including Gap, Banana Republic and Athleta.
The company said “the way we leverage flagship locations has changed” since it opened its Market Street location in the 1990s, but is working on a new location in downtown San Francisco to replace the empty storefront.
The closure of Old Navy comes just weeks after Gap. Inc revealed it would cut 1,800 jobs nationwide as part of a cost-cutting reorganization.
The job cuts followed the cut of more than 500 company positions four months earlier amid declines in sales and profits.
The Old Navy store isn’t the only long-standing Bay Area store to lose enough in recent weeks to close.
Nordstrom is preparing to close two locations in the city: the Westfield Mall department store and the Nordstrom Rack a few doors down on Market Street.
The closures will see nearly 380 jobs lost as the clothing retailer struggles to cope with increased shoplifting, compounded by a drop in foot traffic.
Saks Off 5th, Anthropologie, Coco Republic and Whole Foods Market have also joined the list of retailers leaving their San Francisco storefronts, with the latter announcing plans to close just a year after opening.
At least 20 stores in the city’s Union Square area have closed as of 2020.