Nordstrom is the latest retailer to shutter stores in downtown San Francisco as crime, rising costs, dwindling foot traffic as part of the fallout from remote work forces lead companies across the country to reevaluate viability in major urban cities.
closed its store in Seattle. Walmart last month announced it was closing four locations in Chicago — half of its stores there — saying it has lost tens of millions of dollars on them every year since its first store opened in the city 17 years ago. The company also closed stores in D.C. and Portland.
“Retail within urban areas, particularly commercial central business districts, are very dependent upon office traffic,” said Tom McGee, president and chief executive of the International Council of Shopping Centers, a trade group. “If you can’t drive the foot traffic … that’s going to be the biggest driver of their decision” to close a store.retailers.
Retailers reported that incidents of organized retail crime increased in 2021 by an average of 26.5 percent, according to the retail federation. Store owners, the report says, blamed organized retail crime for about half of the $94.5 billion lost that year to retail shrink — the depletion of inventory caused by something other than sales.“It’s harder to hire people,” said Mark Zandi, chief economist at Moody’s Analytics.
With a large number of economists expecting a recession and consumers pulling back from discretionary spending, many companies are assessing performance on a store-by-store basis to see which ones are profitable and gauge their growth prospects. “I think retailers are now looking at the margins of individual stores that they operate and are beginning to ask, ‘Does it make sense to operate the store?’” Zandi said.
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Nordstrom to close San Francisco’s Nordstrom store and Nordstrom Rack, citing lack of foot trafficNordstrom Inc. said Tuesday it was closing its Nordstrom store and its Nordstrom Rack store in San Francisco as it made the “difficult decision” not to renew...
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Nordstrom plans to shutter downtown San Francisco storesCalling it a difficult business decision and citing deteriorating conditions in the neighborhood, Nordstrom -- the Seattle-based retail giant -- announced Tuesday it was planning to close its sprawling downtown San Francisco mall venue and a nearby outlet store.
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Nordstrom closing downtown San Francisco storesNordstrom announced Tuesday morning they are closing both the downtown San Francisco flagship store and the Market Street Rack after 35 years in business.
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Nordstrom to Close Both Stores in Downtown San FranciscoNEW: Nordstrom is set to close both of its stores in downtown San Francisco.
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