Saks is latest to exit San Francisco's Union Square. Experts say things aren't as grim as they seem. [CBS News]
Macy's Inc (M)
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Source: CBS News
The company announced that the store will be closing its doors next month in a broader plan to consolidate. While Saks has been a fixture on the corner of Post and Powell since 1997, retail real estate experts say the store's departure isn't a sign of the trend they're seeing downtown. "Union Square is highly desirable globally for retail tenants and that remains," said Alex Sagues, the senior vice president of retail leasing for CBRE. He added that while we hear of major retailers closing stores downtown, there has actually been positive growth in the past year. "More space is becoming occupied than it's getting vacant in general, but we have a long way to go," he said. "If you look at the combined square footage of Bloomingdale's, Macy's, Nordstrom, and Saks, that's a lot of square footage." According to the Bay Area Council Economic Institute, San Francisco is nowhere near pre-pandemic levels, but vacancy has gone down year after year. The institute's executive director
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News
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- Macy's (M) Drops on Holiday Pressure [Yahoo! Finance]Yahoo! Finance
- Macy's (NYSE:M) was downgraded by analysts at <a style="font-weight:bold" href="https://www.wallstreetzen.com/newsletters/zen-ratings?ticker=M&utm_campaign=getratings&utm_medium=online&utm_source=MarketBeat">Wall Street Zen</a> from a "sMarketBeat
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