An Outdated Navy retailer that has been in San Francisco for 3 many years is slated to shutter this summer season — including to the rising record of outlets closing down all through the crime-plagued metropolis.
The Market Avenue location — positioned simply three miles away from its company headquarters — will shut down July 1 as soon as its lease expires, in keeping with an organization assertion.
“Outdated Navy is at all times evaluating its actual property portfolio to make sure a wholesome fleet of shops that may present the absolute best expertise for our prospects,” mentioned Hole Inc., which owns various retailers together with Hole, Banana Republic and Athleta.
The corporate mentioned that “the best way we leverage flagship areas has modified” because it opened the Market Avenue location within the 1990s, however is working to discover a new location in downtown San Francisco to exchange the empty storefront.
The Outdated Navy closure comes simply weeks after Hole. Inc revealed it could slash 1,800 jobs throughout the nation as a part of a cost-cutting reorganization.
The job cuts adopted the elimination of greater than 500 company positions 4 months earlier amid a decline in gross sales and income.
The Outdated Navy spot isn’t the one longstanding Bay Space retailer to undergo sufficient losses to shut down in latest weeks.
Nordstrom is making ready to close down two areas within the metropolis: its division retailer within the Westfield Mall and the Nordstrom Rack a number of doorways down on Market Avenue.
The closures will axe practically 380 jobs because the clothes retailer struggles to cope with elevated shoplifting compounded by a drop in foot visitors.
Saks Off fifth, Anthropologie, Coco Republic and Entire Meals Market have additionally joined the record of outlets ditching their San Francisco storefronts, with the latter asserting plans to shut only one 12 months after opening.
No less than 20 shops within the metropolis’s Union Sq. space have shuttered since 2020.