According to NBC Bay Area, Old Navy's parent company Gap Inc. wrote in a statement that its store, located at 801 Market Street, will close its doors on July 1. The company is attempting to find a new location in the downtown district that "will better serve the needs of the business and our customers."
In other words, the company is relocating from the Market Street location because of out-of-control crime. The other retailers we noted above have specifically mentioned crime as the leading driver in shuttering downtown operations
Old Navy announced it will close its flagship store in San Francisco on July 1 after nearly three decades. The company says it's already working to find other locations in the city that will "better serve the needs of the business and its customers." https://t.co/QjgDmDhkWN pic.twitter.com/K36q3yo02S— ABC7 News (@abc7newsbayarea) May 26, 2023
Here's Gap's statement from Friday:
"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. Since our Market Street store opened in the 1990s, the way we leverage flagship locations has changed."
"As a result, we have taken the difficult decision to close our Market Street store when the lease expires, and we are already working to identify new locations in downtown San Francisco that will better serve the needs of the business and our customers."
"Gap Inc. has deep roots in San Francisco and is committed to the city. We recently invested in renovating our Downtown San Francisco hub where our teams come together to develop new consumer experiences and product innovations. As part of that remodel, we opened four new stores at our headquarters where customers can experience the latest fashion and experiences from each of our brands, including new Old Navy, Gap, Banana Republic and Athleta stores. In addition, Banana Republic has announced plans for a new flagship store on Geary Street in Union Square."
"We want to thank the Old Navy Market Street employees for their dedication as well as our many customers who visited the store over the years. After the location closes to the public on July 1, we invite customers to shop our nearby locations in San Francisco, Daly City, Colma and Emeryville, or at OldNavy.com."
Meanwhile, a sobering report from Coldwell Banker (available to pro subs in the usual place) in mid-April revealed San Francisco's office vacancy rate hit a record high of 29.4%. This is problematic as remote work, and the exodus of businesses and people might stunt the recovery of the metro area. Also, who wants to live in a town where progressive leadership fails to enforce law and order?