An Old Navy store that has been in San Francisco for three decades is slated to shutter this summer — adding to the growing list of retailers closing down throughout the crime-plagued city.
The Market Street location — located just three miles away from its corporate headquarters — will shut down July 1 once its 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., which owns a number of retailers including Gap, Banana Republic and Athleta.
The company said that “the way we leverage flagship locations has changed” since it opened the Market Street location in the 1990s, but is working to find a new location in downtown San Francisco to replace the empty storefront.
The Old Navy closure comes just weeks after Gap. Inc revealed it would slash 1,800 jobs across the country as part of a cost-cutting reorganization.
The job cuts followed the elimination of more than 500 corporate positions four months earlier amid a decline in sales and profits.
The Old Navy spot is not the only longstanding Bay Area store to suffer enough losses to close down in recent weeks.
Nordstrom is preparing to shut down two locations in the city: its department store in the Westfield Mall and the Nordstrom Rack a few doors down on Market Street.
The closures will axe nearly 380 jobs as the clothing retailer struggles to deal 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 ditching their San Francisco storefronts, with the latter announcing plans to close just one year after opening.
At least 20 stores in the city’s Union Square area have shuttered since 2020.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
