Latest news with #WillReisman
Yahoo
11-05-2025
- Business
- Yahoo
‘The end of an era': Saks Fifth Avenue shutters its iconic San Francisco Union Square location after 45 years
Saks Fifth Avenue joins a string of legacy stores, including Macy's, Bloomingdale's, Old Navy and Nordstrom, in an exodus from Union Square in San Francisco. The store has been a landmark in the area since 1981. But after nearly 45 years, the high-end retailer said it would close its doors on May 10. 'While the closing of Saks marks the end of an era, this was not an unforeseen development considering their recent changes to an appointment-only model, and Neiman Marcus acquisition,' said Will Reisman, a spokesperson for the Union Square Alliance in a statement. Reisman continued in the statement, "We expect the path to downtown revitalization to have its twists and turns — still we are extremely optimistic about the future of Union Square.' Since the pandemic, Saks Fifth Avenue and other retailers in Union Square have struggled with the changes in foot traffic. Last year, the iconic store transitioned to an 'appointment only' model. Presumably, the luxury retailer intended that this change would make the store more sustainable. Additionally, Saks' parent company acquired the Neiman Marcus Group in December 2024. With a Neiman Marcus location essentially across the street from Saks Fifth Avenue, the parent company seemed unwilling to maintain such a large presence in Union Square. 'While we saw meaningful engagement and success through the appointment-only format, we have made this decision as part of our integration process as we focus on long-term growth,' a Saks Global spokesperson said in a statement. With this store closing, the first question is where the employees will go. For some, the answer lies right across the street. The company claims it will offer some employees transfer opportunities to the Neiman Marcus San Francisco location. Since this isn't possible for every employee, others will receive appropriate separation packages. For locals, the rash of store closings is sad. 'I bought my suit at Bloomingdale's only to see a month later that they're gone,' said Grant Johnson of San Francisco to NBC Bay Area. 'I just think these stores are magnificent, I'd like to see them stay, they're kind of fun to shop in.' Saks Fifth Avenue isn't immune to the changes happening in downtown San Francisco. Since 2020, once-bustling retail districts of the city have seen declining foot traffic due to a combination of factors, including increased remote work, reduced tourism, and the perception of crime, according to CBRE. In fact, it said Union Square's foot traffic declined by 45% between pre-pandemic levels and October 2023. "In the first quarter of 2025, the overall vacancy rate in Union Square was up by 70 bps from the last quarter's figure to 22.8%," said commercial real estate services firm Cushman and Wakefield. "Despite the increase of the vacancy rate, tenant touring activities were active in the first quarter, showing strong interest from national and international retailers looking for an opportunity in the San Francisco market." Union Square isn't down for the count just yet. While the old guard of retailers might be moving out, new retailers are moving in. Newer tenants include Banana Republic, IKEA, a flagship Zara location, World Network, and a highly anticipated Nintendo store opening on May 15. It will be the Japanese company's second official store in the U.S. City leaders are pushing for Union Square and other retail locations to thrive. As a part of the city's 'Vacant to Vibrant' program, new pop-up retailers will arrive in Union Square soon. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Epoch Times
26-04-2025
- Business
- Epoch Times
Saks Fifth Avenue to Close Store in San Francisco's Union Square
Luxury department chain Saks Fifth Avenue confirmed April 25 that it will close its Union Square location in San Francisco next month, making it the latest to leave the historic shopping district. The outlet will lock the doors at the corner of Post and Powell streets for a final time on May 10 after nearly 30 years. It 'While we saw meaningful engagement and success through the appointment-only format, we have made this decision as part of our integration process as we focus on long-term growth,' a Saks Global spokesperson told The Epoch Times on Friday in an email. In December 2024, Hudson's Bay Company, the parent company of Saks Fifth Avenue, announced it had The company looks forward to serving the Bay Area community at Neiman Marcus San Francisco, Neiman Marcus Palo Alto, The Fifth Avenue Club Palo Alto, and according to the spokesperson. The company said its vision includes preserving what is exceptional about the Saks Fifth Avenue and Neiman Marcus brands. Related Stories 12/24/2024 11/22/2024 'There is not a broader plan to consolidate in markets where both Saks Fifth Avenue and Neiman Marcus operate,' the spokesperson added. Saks employees will be able to transfer to Neiman Marcus San Francisco where possible and others will be offered separation packages, the spokesperson said. The Union Square Alliance, an organization dedicated to enhancing the shopping district, said the closure was expected and is part of the downtown's transformation. 'While the closing of Saks marks the end of an era, this was not an unforeseen development considering their recent changes to an appointment-only model, and Neiman Marcus acquisition,' alliance spokesman Will Reisman told The Epoch Times in an email Friday. 'We expect the path to downtown revitalization to have its twists and turns—still we are extremely optimistic about the future of Union Square.' A security guard watches the entrance to a Louis Vuitton store near Union Square in San Francisco on Nov. 30, 2021. The store boarded up its windows as a security measure amid a spike in to the alliance, retail momentum continues downtown with clothing and beauty products retailer Zara's launch of a flagship store on Post Street, menswear store John Varvatos's relocation to the district, and Shoe Palace thriving on Powell Street. Nintendo is also scheduled to open a much-awaited second U.S. store in May, the alliance reported. 'With a vibrant summer of events and our In Bloom programming ahead, 2025 is shaping up to be a standout year for the heart of San Francisco,' Reisman added. Union Square In Bloom is a yearly promotion highlighting floral displays in the shopping district.
