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Business

San Francisco Old Navy becomes the latest store to close in a crime-ridden city




Business

May 27, 2023 | 01:21

An Old Navy store that has been in San Francisco for three decades is slated to close this summer — adding to the growing list of retailers shuttering across the crime-plagued city.

The Market Street location — located just three miles from the company̵[ads1]7;s headquarters — will close on July 1 when its lease expires, according to a statement from the company.

“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 “the way we utilize 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.

Old Navy’s closure comes just weeks after Gap. Inc revealed it would cut 1,800 jobs across the country as part of a cost-cutting reorganisation.


Old Navy is the latest store looking at a move from San Francisco as crime and theft increase.
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The Old Navy store in San Francisco has been on site for over three decades.
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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 isn’t the only longtime Bay Area store that has suffered enough losses to close in recent weeks.

Nordstrom is preparing to close two locations in the city: the department store in Westfield Mall and the Nordstrom Rack a few doors down on Market Street.

The closures will eliminate 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 closed since 2020.




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