Jessica Trichilo, SHRM-SCP’s Post

Oh no! My passionate San Francisco cheerleading is hitting a big bump. Macy's has announced that they will be closing their iconic Union Square store in the next two years. I saw the headline and immediately cringed in anticipation of the onslaught of snide remarks from the San Francisco cynics and naysayers. I will confess that I did have a moment of "what the heck?". Yet if we read the entire article and other similar articles the story is clearly not so much about the woes of downtown San Francisco, thought that is a part of the story. It is primarily another chapter in the story of the evolution of retail in America. I use that term "evolution" literally. It is perfect evidence of our friend Charles Darwin, survivial of the fittest. Macy's has struggled for decades to find their legs as a mass retailer. At one point they were going upscale, then focus on designers, then a push to middle America as the surviving national department store and more recently expansion into off price. The bottom line is that they have never figured out how to truly adapt and move beyond the 20th century (maybe even 19th century) department store legacy. If there have been recent questions, these announcement prove it, Macy's is essentially going out of business. They will continue to cut costs, save investment, tweak and try new ideas, but the future value is primarily in their real estate and to a minor amount tied to their brand. So, yes it is another bruise to downtown San Francisco, but we are in no way on the ropes, or even stunned. Who is going to bet against the ability of the San Francisco market to adapt? Really, the modern day captital of innovation and resilience? Lots of work ahead for sure, but Macy's departure is another opportunity for The City by the Bay to come back even stronger. Chris Wilson Garrick Brown James Cook John T Chang Bryan Ley #sanfrancisco #cre #retailrealestate #trustedadvisor

There are eight remaining JCPenney stores in the Bay Area - located in City of Antioch, City of Concord, City of Fairfield, California, City of Hayward, City of Pleasanton, City of San Bruno, City of San José and City of Santa Rosa. Recent closures in the Bay Area include the ones in Daly City and Newark, which both closed in 2019. Once upon a time, JCPenney was a staple of many shopping centers across the country. It was one of those big-box retail department stores that seemingly every suburb in America had — in addition to stores like Macy’s and Sears. JCPenney, at one point in 1974, had more than 1,900 total stores across the country, according to Forbes. For retailers like JCPenney and Sears, the glory days — during the 1960s through 1980s when every mall in the county seemed to have either store — now appear to be a distant memory of the past. In May 2020, JCPenney filed for Chapter 11 bankruptcy. Unsurprisingly, the move resulted in the company closing many stores, including here in the Bay Area. https://lnkd.in/gz_xhYC9 #DepartmentStores #BayArea #EconomicDevelopment #Retail

I realize I've been posting a lot about San Francisco lately - I would stop if it became less newsworthy. Instead, the hits just keep on coming, with yesterday's BOMBSHELL that MACY'S IS PLANNING TO CLOSE ITS 700,000 SQ FT UNION SQUARE FLAGSHIP IN THE COMING YEARS (link below). This was no doubt a heavy blow, and at the same time, a bit of a headscratcher, given that Macy's owns its building and would be selling into a down market. Moreover, large brands need the visibility generated by flagship stores in major markets - which Macy's presumably understands better than others, seeing as its 34th Street location in Manhattan has effectively carried the company for years. And it needs that visibility especially in a omnichannel model, with the role that brick-and-mortar must play in customer acquisition and retention. Obviously there's a lot we do not know, but to me, this move does not compute, at least at first glance, which suggests a couple of possibilities. One, Macy's and its new CEO are responding to pressure from activist investors eager to monetize its real estate. Two, it is putting the City on notice, as leverage for securing a hoped-for reassessment, a cash subsidy and/or even greater urgency in revitalizing the district. (Note that the store would not be closing until 2025 at the earliest). In any event, Macy's is definitely one of those legacy brands that I discussed in my last article ("What Really Happened to Downtown Retail", posted on 2/21), struggling mightily to stay relevant. Amidst all its flops in recent decades, it has also made some shrewd decisions. This, though, does not seem like one of them. #retailcontrarian #retail #retailleasing #retailrealestate #retailproperty #retailtrends #retaildevelopment #retailmarket #retailbroker #retailspace #retailindustry #retailers #downtown #mainstreet #mainstreets #citycenter #citycentre #highstreet #placer #placerai #urbanretail #icsc #commercialrealestate #ida #adrr #iedc #uli #icma #marketanalysis #futureofretail #siteselection #urbandevelopment #primeurbancorridors #jll #zoning #landuseplanning #landuse #planning #retailvacancy #vacantstorefronts #vacantretail #emptystorefronts #storefrontvacancy #citymanager #cnu #businessimprovementdistrict #communitybenefitdistrict #businessoffashion #wwd #retailbrew #storefront #downtownrevitalization #nyt #wsj #urbanregeneration #sanfrancisco #sanfranciscorealestate #unionsquare #sfbayarea #sanfranciscobusinesstimes #sfbt #sanfranciscochronicle #chron #sfgate #oewd #planetizen #economicdevelopment #cushmanwakefield #colliers #doomloop #urbandoomloop #sfstandard #kevintruong #johnking #londonbreed #boardofsupervisors #aaronpeskin #spur #covidimpact #covidimpacts #flagshipstore #flagships #paullevy #richardflorida #downtownsanfrancisco #downtownsf #dtsf #marketstreet #sanfranciscocentre #unionsquarepartnership #hoodline #SFist #costar #bisnow #TheregistrySF #svedc #kevinnguyen #macys #marisarodriguez #departmentstore #tonyspring #jeffgennette

Macy's might close its big store in San Francisco's Union Square. This could happen in 2025 or later as part of their plan to shut down some stores that aren't doing so great. They want to focus on making the stores they keep even better and opening smaller ones. Macy's has been trying to keep up with shoppers who want different things now and areas where it's tough for stores to do well. They're planning to close about 150 stores by 2026, but they'll keep about 350 open and make them nicer. In the real estate biz, we often see similar challenges and changes. At Cudd Realty, we're all about helping small businesses and our community in North Texas. When big retail stores like Macy's change their plans, it can make new opportunities for local businesses and real estate. That's where we can help figure out what's best for everyone. Thinking about how changes in the retail world could open up new real estate chances? Wanting to get the inside scoop on how it might impact your plans? Reach out and let's have a conversation about what's happening and where you could fit in. Call or text me, Michael Cudd, at 940-595-0138. Let's turn change into an opportunity together. #CuddRealty #NorthTexasRealEstateNews #RetailChanges #CommunityGrowth #RealEstateOpportunities

Macy's might close its big store in San Francisco's Union Square. This could happen in 2025 or later as part of their plan to shut down some stores that aren't doing so great. They want to focus on making the stores they keep even better and opening smaller ones. Macy's has been trying to keep up with shoppers who want different things now and areas where it's tough for stores to do well. They're planning to close about 150 stores by 2026, but they'll keep about 350 open and make them nicer. In the real estate biz, we often see similar challenges and changes. At Cudd Realty, we're all about helping small businesses and our community in North Texas. When big retail stores like Macy's change their plans, it can make new opportunities for local businesses and real estate. That's where we can help figure out what's best for everyone. Thinking about how changes in the retail world could open up new real estate chances? Wanting to get the inside scoop on how it might impact your plans? Reach out and let's have a conversation about what's happening and where you could fit in. Call or text me, Michael Cudd, at 940-595-0138. Let's turn change into an opportunity together. #CuddRealty #NorthTexasRealEstateNews #RetailChanges #CommunityGrowth #RealEstateOpportunities

Macy's might close its big store in San Francisco's Union Square. This could happen in 2025 or later as part of their plan to shut down some stores that aren't doing so great. They want to focus on making the stores they keep even better and opening smaller ones. Macy's has been trying to keep up with shoppers who want different things now and areas where it's tough for stores to do well. They're planning to close about 150 stores by 2026, but they'll keep about 350 open and make them nicer. In the real estate biz, we often see similar challenges and changes. At Cudd Realty, we're all about helping small businesses and our community in North Texas. When big retail stores like Macy's change their plans, it can make new opportunities for local businesses and real estate. That's where we can help figure out what's best for everyone. Thinking about how changes in the retail world could open up new real estate chances? Wanting to get the inside scoop on how it might impact your plans? Reach out and let's have a conversation about what's happening and where you could fit in. Call or text me, Michael Cudd, at 940-595-0138. Let's turn change into an opportunity together. #CuddRealty #NorthTexasRealEstateNews #RetailChanges #CommunityGrowth #RealEstateOpportunities

Industry News: Target’s ‘winning retail format’ includes large — and small — store expansions Target Corp. is pulling back the curtain on its 2023 new store openings and remodels for a glimpse of what’s to come as the retailer set an ambitious pace moving into 2024. “From more stores to more deliveries, we’ve set an ambitious pace moving into 2024," the company said in a blog post, in which it offered up details about its “winning retail formula.” Target opened 21 new stores across 10 states nationwide in 2023, with locations ranging from bustling urban hubs and sprawling suburbs to college campuses. Nearly half of the store openings were in California and New York. Four were in new markets for Target: Jamestown, N.Y.; Kill Devil Hills, N.C.; Quincy, Ill.; and Grass Valley, Calif. (The locations of the 21 new stores Target opened last year listed at end of article.) Twelve of the stores featured Target’s larger format, which averages 125,000 square feet and boasts an open layout, expanded assortment and large backrooms to support the chain’s same-day fulfillment services. The retailer went even bigger in Prosper and New Caney, Tex., and Yonkers, N.Y., with stores that averaged 135,000 square feet. ————————————————— 💥Over 16 MILLION Square Feet Represented💥 ✅Visit https://lnkd.in/gKX9JcPy for more! ————————————————— #realestate #newenglandretail #property #forsale #retail #realestateinvesting #business #broker #realestatenews #properties #investor #investmentproperty #connecticut #nerp #newengland #connecticutnews #newenglandrealestatenews

Walmart has announced a $9 billion investment over two years to modernize and upgrade its stores in the U.S. This initiative includes improved store layouts, expanded product offerings, and the integration of new technology. Starting with 117 stores in 30 states this Friday, Walmart will showcase these enhancements, representing an investment of over $500 million. Updated Dallas-Fort Worth Stores: -200 Short Boulevard, Dallas -9301 Forest Lane, Dallas -951 W Belt Line Road, DeSoto -1801 Marketplace Drive, Garland -1951 Military Parkway, Mesquite -735 W Sublett Road, Arlington Updated stores in other Texas cities holding re-grand openings on Friday, include Amarillo, Livingston, Port Arthur, San Antonio, Mission, Liberty, Stafford, Humble, Bay City and Waco. The company plans to modernize more than 1,400 of its 4,717 Walmart stores nationwide, excluding its Sam's Club chain. As part of this transformation, the company is rolling out enhanced stores with refreshed interiors and exteriors, including updated paint, flooring, restrooms, LED lighting, and improved signage for a more inviting and efficient shopping environment. #NNN #retail #realestate #investment #investing #commercialrealestate #property #passiveincome #cre #investor #realestateinvesting #commercialproperty #netlease #retailrealestate #walmart

This Macy's has been a retail landmark in San Francisco since the 1940s and now it is closing. It's the latest in an endless line of falling business dominos as Americans become less and less prosperous and struggle to afford clothing, food and housing, let alone regularly shopping at fancier places. Reporting from the place on the map that locals call The City is now an endless and sad story of poverty, shoplifiting, the ethical scandal of Americans losing their homes, and business closures. As a longtime Local SEO and local business advocate, I look at this trend and think about economic policy that fails to see that ALL businesses, large and small, fundamentally want a large, prosperous customer base. Right now, we're going in the opposite direction of that, nationwide, and its effects are being felt not just by everyday people, but within the largest economic lobbies. How bad does it have to get before change happens? Thoughts? https://lnkd.in/g-jRKbSh