A 30-year-old Old Navy store in San Francisco is set to close this summer, adding to the growing list of retailers closing across the crime-ridden city.
The company said in a statement that its Market Street store, just three miles from its headquarters, will close on July 1 as its lease expires.
“Old Navy constantly evaluates its real estate portfolio to ensure it has a healthy fleet of stores that provide the best possible experience for its customers,” said Gap, Banana Republic, Athleta and numerous other retailers. Gap, which owns the company, said.
The company said it “has changed how it uses its flagship store” since it opened its Market Street store in the 1990s, but is working to find new stores in downtown San Francisco to replace the empty stores. I’m in.
Old Navy’s closure comes just a few weeks after Gap. Inc said it will cut 1,800 jobs nationwide as part of a cost-cutting restructuring.
The job cuts followed four months ago when the company cut more than 500 positions at companies on the back of declining sales and profits.
Old Navy Spot isn’t the only long-established Bay Area store to suffer a loss enough to close in recent weeks.
Nordstrom is preparing to close two stores in the city, a department store at Westfield Mall and Nordstrom Rack a few doors down on Market Street.
About 380 jobs will be lost as clothing retailers struggle to cope with falling foot traffic and rising shoplifting.
Saks Off Fifth, Anthropologie, Coco Republic, and Whole Foods Market also joined the list of retailers closing stores in San Francisco, with the latter announcing plans to close after just a year of opening.
At least 20 stores have closed in the city’s Union Square district since 2020.
