Street
Union Square
139 stores
Recent Activity in Last 24 months
Dates shown here are when each event was detected. Actual event may have occurred up to 30 days earlier. Next digest sends Sunday.
About This Property
Union Square remains San Francisco’s premier luxury shopping destination, featuring high-end brands like Breitling, Patek Philippe, Rolex, and A. Lange & Söhne alongside major national retailers such as Apple, Chanel, Hermès, and Nike. Despite its longstanding status, the area has faced challenges in recent years due to a combination of the pandemic and economic shifts, leading to an increased vacancy rate of approximately 20% by early 2024. This reflects significant changes in the retail landscape, with major exits such as Macy’s and Nordstrom, but also growth with new openings in 2023, including Banana Republic's two-level flagship, Ikea's small format store, and the 14,000 sf Peruvian restaurant Chotto Matte, signaling renewed interest.
Union Square’s prime retail corridors, including Post, Powell, Geary, and Stockton streets, maintain gross rents ranging from $400 to $500 per square foot. The street’s foot traffic has started to recover, with year-over-year single digit increases in 2023.
Union Square remains San Francisco’s premier luxury shopping destination, featuring high-end brands like Breitling, Patek Philippe, Rolex, and A. Lange & Söhne alongside major national retailers such as Apple, Chanel, Hermès, and Nike. Despite its longstanding status, the area has faced challenges i... Read more
Owners
Demographics
Local Expert Analysis
Retail Leasing and Market Dynamics
Despite its historical prominence, Union Square’s retail market has experienced turbulence, with vacancy rates now exceeding 20%. Several factors, including office space vacancies, a shift to online shopping, and high-profile store closures, have impacted leasing activity. However, new investments from retailers like Banana Republic and Ikea and public funding to improve the Powell Street Promenade are helping revitalize the area.
Union Square’s commercial rent levels remain some of the highest in San Francisco, with rates between $400 and $500 per square foot. The significant decline in office activity has affected foot traffic, but with the tourism sector rebounding and more workers returning to offices, the area’s leasing outlook is improving.
Customer Demographics and Foot Traffic
The area draws high-income tourists, young professionals, and shoppers looking for luxury goods. Though foot traffic dropped during the pandemic, it has since improved. Initiatives to boost foot traffic, including festivals and public events, have helped draw back visitors. The district is also a central hub for conventions and major city events, further boosting its appeal to both retailers and customers.
Recent and Upcoming Developments
A major aspect of Union Square’s future involves public-private partnerships aimed at revitalizing vacant storefronts. The city has earmarked $2 million to incentivize new retail tenants, offering subsidies to help businesses with startup costs. Additionally, zoning changes are being considered to open up Union Square to a broader range of retail and entertainment uses, as well as converting vacant upper floors to residential or office space.
Future Outlook
Union Square is poised to see gradual improvements in the next 12 months, with city-led initiatives aiming to reduce vacancies and improve the public environment. With the continued return of tourists and office workers, retail foot traffic is expected to climb, and leasing activity should stabilize as more retailers look to take advantage of the available space at lower rents.
Retail Leasing and Market Dynamics
Despite its historical prominence, Union Square’s retail market has experienced turbulence, with vacancy rates now exceeding 20%. Several factors, including office space vacancies, a shift to online shopping, and high-profile store closures, have impacted leasing ... Read more