An Old Navy store in downtown San Francisco will close this summer, adding to the number of retailers in the city that have announced their departures.
A spokesperson for Gap Inc., which is headquartered in San Francisco, and owns a number of retailers, including Old Navy, Banana Republic and Athleta, said the Market Street location will close its doors July 1 once its lease expires.
“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,” a company statement said. “Since our Market Street store opened in the 1990s, the way we leverage flagship locations has changed.”
The company is exploring new downtown locations “will better serve the needs of the business and our customers.”
“Gap Inc. has deep roots in San Francisco and is committed to the city,” the statement said. “We recently invested in renovating our Downtown San Francisco hub where our teams come together to develop new consumer experiences and product innovations.”
In April, GAP Inc. announced that it would lay off 1,800 employees in an effort to cut costs and streamline operations.
The closing comes as other retailers have chosen to leave downtown San Francisco for various reasons, including an uptick in shoplifting.
Nordstroms is closing two of its downtown San Francisco stores, citing the “dynamics” of the downtown market.