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An Old Navy store in downtown San Francisco will close this summer, adding to the number of retailers in the city that have announced their departure.
A spokesperson for Gap Inc., which is headquartered in San Francisco and owns a number of retailers including Old Navy, Banana Republic and Athleta, said the Market Street location will close July 1 once its lease expires.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GPS | GAP INC. | 8.34 | +0.92 | +12.40% |
COSTCO CFO SAYS COMPANY IS ‘LUCK’ TO PREVENT THEFT
“Old Navy is always evaluating its real estate portfolio to ensure a healthy retail fleet that can provide our customers with the best possible experience,” a company statement said. “Since our Market Street store opened in the 1990s, the way we leverage flagship locations has changed.”
An Old Navy store in downtown San Francisco. The store will close on July 1, Gap Inc. said. in a statement, making it the latest retailer in the area to close its location. (Google Maps / Google Maps)
The company is exploring new downtown locations “that will better meet the needs of the company and our customers.”
“Gap Inc. has deep roots in San Francisco and is committed to the city,” the statement said. “We recently invested in the renovation of our hub in downtown San Francisco, where our teams come together to develop new consumer experiences and product innovations.”
In April, GAP Inc. announced that it would lay off 1,800 employees in an effort to cut costs and streamline operations.
COSTCO CFO SAYS COMPANY IS ‘LUCK’ TO PREVENT THEFT
The closure comes as other retailers have chosen to move out of downtown San Francisco for a variety of reasons, including an increase in shoplifting.
Nordstroms is closing two of its stores in downtown San Francisco, citing the “dynamics” of the downtown market.