San Francisco-based Gap, parent company of Old Navy, plans to close Old Navy’s 72,400-square-foot store at 801 Market Street, in South of Market, the San Francisco Business Times reported. The store will go dark July 1.
A Gap spokesperson said it’s looking into opening an Old Navy somewhere else in Downtown.
“Since our Market Street store opened in the 1990s, the way we leverage flagship locations has changed,” the company representative told the Business Times in an email. “We are already working to identify new locations in Downtown San Francisco that will better serve the needs of the business and our customers.”
The move will end Old Navy’s 24-year run at the corner of Market and Fourth streets, where it opened in 1999. The owner of the 116-year old Pacific Building is Miami-based Ponte Gadea California, an affiliate company of Spanish billionaire Amancio Ortega, founder of Zara.
Banana Republic is moving its flagship store from 256 Grant Avenue to a smaller store at 152 Geary Street in Downtown. Gap has closed stores on 890 Market Street, in Embarcadero Center and Stonestown Galleria. It also closed its Athleta store in Union Square.
The retail tumult at Gap follows dozens of stores that have shut their doors or will soon close in Union Square and around Powell Street, including Coco Republic, Saks Off 5th, Uniqlo, H&M and Anthropologie. The closure of a Whole Foods Market last month drew national headlines.
The departing businesses blamed falling foot traffic in the era of empty offices and remote work, a drop in tourists, a rise in online shopping and concerns about public safety and deteriorating street conditions.
— Dana Bartholomew
Downtown San Francisco has sustained another retail hit with the pending closure of an Old Navy flagship. San Francisco-based Gap, parent company of Old Navy, plans to close Old Navy’s 72,400-square-foot store at 801 Market Street, in South of Market, the San Francisco Business Times reported. The store will go dark July 1. A Gap
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Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.