Is your favorite store next? Iconic retail giant closing down in one of America’s top malls – find out why!
- Replies 0
The retail world is facing a seismic shift, and even the most established names aren't immune to the tremors.
Bloomingdale's, a legacy retailer known for its upscale offerings, has announced the closure of its flagship store in San Francisco's largest mall, the San Francisco Centre. This move marks a significant end of an era, as the department store chain has graced Market Street for nearly two decades.
The decision to shutter the doors of this retail giant is a reflection of the broader changes sweeping through the retail landscape.
The store is set to close by the end of March, leaving the already embattled mall without its last major anchor tenant. This is a significant blow to the San Francisco Centre, which has seen around half of its stores lie empty after a mass exodus of retailers since the pandemic, exacerbated by concerns over crime in the area.
The departure of Nordstrom last year after a 40-year tenure was a sign of the current retail woes.
Bloomingdale's, which operates 32 department stores and 21 outlet shops across the United States, is owned by Macy's Inc.
Macy's is in the midst of a three-year cost-cutting plan that includes mass store closures. The plan is to shut 150 underperforming stores by the end of 2026, with the first 66 already named and set to cease operations in the coming weeks.
A Macy's spokesperson expressed the company's regret over the closure.
She said, “We are saddened to confirm that Bloomingdale's will officially close its doors in Union Square, San Francisco. While we are committed to this decision, our doors will remain open until late spring 2025. We are hopeful to be back to serve the San Francisco community in the future and look forward to introducing new ways to provide enhanced service to our loyal local shoppers.”
The five-story Bloomingdale's space, originally leased until 2046, presents a conundrum as it remains unclear how the retailer will exit the long-term agreement. Macy’s is also closing its Union Square store and is actively searching for buyers for the property.
The San Francisco Centre mall's woes are emblematic of the challenges facing many urban retail centers.
Previous owners Westfield and Brookfield Properties surrendered the property to lenders in 2023 after ceasing mortgage payments, and the mall is now under receiver management.
The end of high-profile retailers, including Nordstrom, Hollister, Adidas, and J. Crew, has left gaping vacancies and a lack of foot traffic that promises of recovery have yet to mend.
Macy's, like many department stores, is grappling with dwindling sales as it faces the stratospheric rise of online rivals and the demise of America's suburban malls.
Tony Spring, appointed CEO last year, has announced a major turnaround effort, but the ongoing 'retail apocalypse' continues to force brick-and-mortar locations to grapple with rising theft and shrinking profit margins.
The United States has seen a staggering number of store closures, with 7,300 shutting down up until mid-December, a nearly 60 percent increase from the previous year.
The retail landscape has been further shaken by the bankruptcy of the Container Store and the “going out of business” sales at Big Lots stores across the country.
Kazuko Morgan, a veteran retail broker, summed up the sentiment of many when she expressed her dismay over the closure to the San Francisco Chronicle: “It's heartbreaking. San Francisco needs stores like Bloomingdale's - a mix of luxury and major department stores to attract shoppers.”
Bloomingdale’s isn’t the only major retailer closing down. Another familiar name is saying goodbye this year–is it your favorite one?
Have you noticed changes in your local shopping areas? What do you think the future of retail will look like? Let's discuss in the comments below!
Bloomingdale's, a legacy retailer known for its upscale offerings, has announced the closure of its flagship store in San Francisco's largest mall, the San Francisco Centre. This move marks a significant end of an era, as the department store chain has graced Market Street for nearly two decades.
The decision to shutter the doors of this retail giant is a reflection of the broader changes sweeping through the retail landscape.
The store is set to close by the end of March, leaving the already embattled mall without its last major anchor tenant. This is a significant blow to the San Francisco Centre, which has seen around half of its stores lie empty after a mass exodus of retailers since the pandemic, exacerbated by concerns over crime in the area.
The departure of Nordstrom last year after a 40-year tenure was a sign of the current retail woes.
Bloomingdale's, which operates 32 department stores and 21 outlet shops across the United States, is owned by Macy's Inc.
Bloomingdale's is closing its flagship store in the San Francisco Centre Mall, ending its presence on Market Street after nearly two decades. Image source: Coolcaesar / Wikimedia Commons.
Macy's is in the midst of a three-year cost-cutting plan that includes mass store closures. The plan is to shut 150 underperforming stores by the end of 2026, with the first 66 already named and set to cease operations in the coming weeks.
A Macy's spokesperson expressed the company's regret over the closure.
She said, “We are saddened to confirm that Bloomingdale's will officially close its doors in Union Square, San Francisco. While we are committed to this decision, our doors will remain open until late spring 2025. We are hopeful to be back to serve the San Francisco community in the future and look forward to introducing new ways to provide enhanced service to our loyal local shoppers.”
The five-story Bloomingdale's space, originally leased until 2046, presents a conundrum as it remains unclear how the retailer will exit the long-term agreement. Macy’s is also closing its Union Square store and is actively searching for buyers for the property.
The San Francisco Centre mall's woes are emblematic of the challenges facing many urban retail centers.
Previous owners Westfield and Brookfield Properties surrendered the property to lenders in 2023 after ceasing mortgage payments, and the mall is now under receiver management.
The end of high-profile retailers, including Nordstrom, Hollister, Adidas, and J. Crew, has left gaping vacancies and a lack of foot traffic that promises of recovery have yet to mend.
Macy's, like many department stores, is grappling with dwindling sales as it faces the stratospheric rise of online rivals and the demise of America's suburban malls.
Tony Spring, appointed CEO last year, has announced a major turnaround effort, but the ongoing 'retail apocalypse' continues to force brick-and-mortar locations to grapple with rising theft and shrinking profit margins.
The United States has seen a staggering number of store closures, with 7,300 shutting down up until mid-December, a nearly 60 percent increase from the previous year.
The retail landscape has been further shaken by the bankruptcy of the Container Store and the “going out of business” sales at Big Lots stores across the country.
Kazuko Morgan, a veteran retail broker, summed up the sentiment of many when she expressed her dismay over the closure to the San Francisco Chronicle: “It's heartbreaking. San Francisco needs stores like Bloomingdale's - a mix of luxury and major department stores to attract shoppers.”
Bloomingdale’s isn’t the only major retailer closing down. Another familiar name is saying goodbye this year–is it your favorite one?
Have you noticed changes in your local shopping areas? What do you think the future of retail will look like? Let's discuss in the comments below!
