Democratic San Francisco Board of Supervisors Chairman Aaron Peskin announced Tuesday that Macy's stores in the city will be closing.
Peskin issued a statement on Twitter saying Macy's is cutting 150 stores, including its downtown location in Union Square. (Related: Blue City officially apologizes to Black residents)
“Macy's was one of the last companies to resist the national trend of retail store closures and consolidation, but I think there is a potential opportunity as downtown recovery takes a hit. The site has development opportunities, even before the pandemic, with the potential for mixed-use, including dining and housing on the upper floors. Macy's has confirmed that the building will remain open until the end of the year and will be put up for sale. “We did,” Peskin said.
For every disruptive call, there is an opportunity, and with the right political will and public-private cooperation, there is a flip side to every challenge.
Let's get to work. pic.twitter.com/mOZfb676qF
— Aaron Peskin (@AaronPeskin) February 27, 2024
The Democratic chairman said city officials will work with the Union Square Alliance to “invest in the neighborhood” by marketing development incentives and opportunities. He also said the store will likely remain open until the building is sold, which could take years, ABC 7 reported.
Macy's announced that of the 150 stores scheduled to close, 50 will close by the end of 2024, with the remaining stores expected to close over the next three years. said In a press release. The company currently plans to prioritize investment in “approximately 350 future stores” while continuing to “expand small-format stores.”
At least 400 employees are expected to be affected by the decision to close the Union Square store, according to United Food and Commercial Workers Local 5. ABC7 reported.
This was said by six employees of the store. San Francisco standard They claimed the closure was due to widespread theft at retail stores.
“I am not responsible for estimating how much is lost in a day, but I was told last year the losses were in the millions,” one person said, adding that drug users and teenagers claimed to have suffered the most losses, the newspaper reported. About shoplifting.
