Macy's in negotiations to sell flagship SF Union Square men's store
SAN FRANCISCO (BCN) - Officials with Macy's are in negotiations to sell their flagship men's store in San Francisco's Union Square, company officials said today.
The roughly 250,000 square foot Men's Store with eight floors and a basement at 120 Stockton St. is being sold for redevelopment. It is across the street from the main Union Square store at 170 O'Farrell St. with 937,000 square feet.
Company officials said a men's department may be built in the main store. If that happens, the Men's Store would not close until a new men's department is open.
Macy's spokeswoman Raegan Gall said no other information was available such as whether any employees would lose their jobs.
Company officials said the store is being sold because a sale will generate more profit than selling goods and services at the site.
About 100 full-line Macy's stores will be closing starting early next year.
Macy's officials are in discussions with potential partners as the company looks to make changes at flagship stores in three other cities.
The property at 120 Stockton St. was first occupied in 1974 by a department store named Liberty House. Macy' Union Square Men's Store took over the property in 1984, Gall said.
Quarterly sales at Macy's have slipped in the past 18 months.
Sales in the second quarter were $5.9 billion, down 2.6 percent from a year ago, according to company data. Second quarter 2015 sales were off 2.1 percent from the second quarter of 2014.
In January, Walmart announced the closure of 154 U.S. stores. Some 30 other chain retails, including K-Mart, Office Depot/Office Max, Walgreens, Children's Place, Barnes & Noble and the Gap and have announced cuts going on now or in the near future.
Walmart's recent purchase of Amazon competitor Jet.com gives proof the the notion that while there may be fewer stores to browse, the intend when you go to your browser to shop, they'll still be in the game.