"Union Square, San Francisco's premier shopping district, has grappled with the shocks of remote work and a drawn-out tourism recovery for the past five years, along with public safety and retail theft concerns. A slew of major retailers like Nordstrom and Gap shuttered as a result. But now the district is finally on the upswing, brokers say, with dozens of new shops, and busy tours with tenants enthusiastic to open in - or return to - the area."
"In the third quarter, Union Square's retail vacancy rate declined to 22.7% from 23.0% in the previous quarter, the first such decrease since 2022, according to brokerage Cushman & Wakefield. That's expected to fall further with more leases in the works. Average monthly visitors in the third quarter rose 3% to 1.16 million, compared to the same period in 2024, according to the Union Square Alliance."
"New shops in the area include Labubu maker Pop Mart, Dandelion Chocolate and the eventual return of Uniqlo, which closed during the pandemic. "Union Square has unmistakable momentum. What we are seeing on the ground and hearing from (the) community absolutely aligns with a strong rebound," said Marisa Rodríguez, CEO of the Union Square Alliance. "After several challenging years, the energy is shifting. We feel it every day, and we want to see this positive trajectory continue.""
Union Square experienced five years of reduced foot traffic due to remote work, a slow tourism recovery, public-safety issues and retail theft, prompting closures by major retailers such as Nordstrom and Gap. Recent indicators show improvement: third-quarter retail vacancy dropped to 22.7% from 23.0%, average monthly visitors rose 3% to 1.16 million, and brokers report dozens of new shops and active leasing tours. New arrivals include Pop Mart and Dandelion Chocolate, and Uniqlo and Gap are considering returns. Macy's partnered with developer TMG to explore new uses and said it will remain open.
Read at San Francisco Chronicle
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