Macy’s, one of the largest department store chains in the United States, has announced plans to close 150 of its underperforming stores over the next three years, with 50 of them shutting down by the end of 2024.
In light of this news, it has been confirmed by San Francisco Supervisor Aaron Peskin that the Macy’s flagship location in Union Square will be one of the closures. While the store will remain open for the time being until a buyer is found for the property, the closure will undoubtedly have a significant impact on the local community.
The shocking planned closure of the flagship Macy’s store in San Francisco’s ailing Union Square shopping district is a huge blow to City Hall’s efforts to combat an incessant exodus of major retailers and revive the city’s downtown.https://t.co/k4KiXCMbJ3
— San Francisco Chronicle (@sfchronicle) February 28, 2024
The closure of the Union Square location, a landmark in the city, is just the latest in a string of high-profile retail stores shutting down in the area, including Nordstrom and the Westfield Mall.
This trend is not unique to San Francisco, as the retail industry as a whole has been struggling with sluggish sales in recent years. Macy’s decision to close stores is part of a larger effort to improve overall profitability and fend off a potential takeover bid.
Macy’s closing San Francisco Union Square store
Publicly, Macy’s cites “sluggish sales”
Employees say it’s shoplifting and violent crime pic.twitter.com/7UloGOBLsU— Brendan (@BrendanMcInnis) February 28, 2024
However, Macy’s is not abandoning brick-and-mortar retail entirely. In fact, the company plans to invest in upgrading its remaining 350 stores, with a focus on enhancing the shopping experience for customers.
This includes adding more salespeople in high-traffic areas like fitting rooms and shoe departments, as well as visually appealing displays, such as mannequins. Additionally, the company is shifting its focus towards luxury, with plans to open 15 more Bloomingdale’s and 30 Bluemercury locations – stores that cater to higher-end clientele.
Amid these closures, Mayor London Breed points out that crime in the area has significantly decreased, with the recent holiday season seeing a noticeable decline.
BREAKING SAN FRANCISCO NEWS JUST ONE DAY AFTER MACY ANNOUNCE CLOSING, WALGREENS GROCERY + PHARMACY ANNOUNCES ANOTHER STORE LOCATION IN SAN FRANCISCO WILL BE CLOSING:
San Francisco has officially reach terminal velocity in its economic collapse.
San Francisco Families and Elders… pic.twitter.com/M4lyW9CBEA
— World Peace Movement (@darren_stallcup) February 28, 2024
