After Macy’s announced today it would shutter 100 stores across the country, San Francisco Business Times has word that the retail giant are in negotiations to sell their Union Square Men’s Store at 120 Stockton.
While the deal is not yet final, the property will reportedly be redeveloped.
"The fact that more and more shopping is done online has affected the overall size required for Macy’s," Jeff Green of Jeff Green Partners, a retail real estate consulting firm, tells Business Times. "Not only are there too many stores in the chain, the stores themselves are too oversized for this changing retail environment."
1974 [correction: 1984], the dimly-lit men’s store stood in the shadow of its larger counterpart, the iconic women’s store directly across the street. (Among other things, the store is noteworthy for the wreath displays in the windows during the holiday season.)
The Stockton Street location has struggled recently, having to compete with online retailers as well as the Central Subway construction brouhaha happening directly outside their entryway doors.
Macy’s 100 store closures, around fifteen percent of Macy's 675 locations, are the most recent round of shutterings for the company. The major retailer is hoping to turn business around after six consecutive quarters of plummeting sales.
No word yet who plans on buying the Stockton Street property. We’ll update as soon as we know more,
- Macy's to sell prime Men's Store property in San Francisco's Union Square [SF Business Times]
- Macy's to close 100 stores as big-box retailer shrinks further [USA Today]