Posted 2/28/2024, 9:18:00 PM
Macy's San Francisco Store Closing in 2025, Retailer Blames Shoplifting But Union Disagrees
- Macy's is closing its iconic San Francisco store, blaming rampant shoplifting, but the workers' union believes that's just an excuse and other factors are behind the closure
- The union representing 400 Macy's workers says shoplifting impacts profits but likely not enough to warrant closing the store
- Macy's is closing 150 "unproductive" stores by 2026 to boost growth, including 50 by the end of 2023, with the San Francisco store potentially closing in 2025
- Analysts note retail "shrink" encompasses more than just theft when stores close locations
- Macy's stock has outperformed recently, up 17.7% in the last 3 months, despite the announced closures