Yet ANOTHER chain store shutters in crime-ridden San Francisco
Old Navy will shutter its San Francisco store on July 1 after three decades
Retail stalwart Old Navy is set to shutter its flagship store in downtown San Francisco, becoming the latest chain to exit the crime-ridden city.
The Market Street location has been open for three decades but will close for good on July 1 when its lease expires.
Dozens of retailers have vacated downtown San Francisco in recent months, citing high theft rates in the area.
Retailer Old Navy has become the latest retailer to vacate crime-ridden San Francisco. (File photo from 2020)
A spokesman for parent company Gap Inc., which is headquartered just three miles away from the closing store, told the New York Post: '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.'
He added that the firm has 'deep roots' in San Francisco and is 'committed to the city.'
The closure forms part of Gap's cost-cutting reorganization which will see 1,800 jobs axed in total - saving up to $300 million.
The firm saw its net sales fell by six per cent to $15.6bn for the last fiscal year.
Last month Banana Republic - which is also owned by Gap - shuttered a location in San Francisco's Westfield mall.
Just a few doors down in the same center, upscale retailer Nordstrom is also preparing to shut down - causing a total of 379 job losses. Its nearby outlet store Nordstrom Rack will also close.
Announcing the closure, chief stores officer Jamie Nordstrom said: 'As many of you know, the dynamics of the downtown San Francisco market have changed dramatically over the past several years, impacting customer food traffic to our stores and our ability to operate successfully.'
Meanwhile Westfield Mall bluntly told the Washington Post, rising crime was creating 'unsafe conditions for customers, retailers, and employees.'
Stores across the county have fallen victim to a so-called 'retail apocalypse.' sparked by a perfect storm of high inflation, surging crime rates and low footfall.
But the closures have disproportionately affected San Francisco where crime has shot up by 15 percent - according to figures from the city's police department.
Nordstrom recently shuttered a store in San Francisco, citing changing 'dynamics' in the city as the reason for the closures
Employees at a Target store in San Francisco recently said it was being robbed as frequently as every ten minutes
The city is also affected by a state-wide shoplifting law that downgraded stealing goods worth less than $950 (£764) from a felony to a far less serious misdemeanor crime.
A disturbing recent report showed 95 retailers in downtown San Francisco have closed since the start of the COVID pandemic, a decline of more than 50 percent.
Out of 203 retailers open in 2019 in the city's Union Square area, just 107 are still operating, a drop of 47 percent in just a few pandemic-ravaged years.
In April, Whole Foods said it would shut its flagship store in downtown San Francisco 'for the time being' to ensure staff 'safety'.
'If we feel we can ensure the safety of our team members in the store, we will evaluate a reopening of our Trinity location,' a spokesperson said.
Similarly, a Target store in the city has been forced to lock up more of its products to stave off thieves.
An employee at the location recently said it was being robbed as often as 'every ten minutes.'
Source: Daily Mail
