UPDATE: Macy’s has just announced a pivotal partnership with TMG Partners to explore the future of its iconic Union Square department store in San Francisco. This urgent development comes as Macy’s plans to revamp its operations nationwide, with this flagship location remaining open daily for shoppers.
Officials confirmed that the collaboration is in its infancy, with both companies committed to assessing potential uses for the vast 650,000 square-foot store. While the store continues to serve customers with a diverse selection of merchandise, including apparel, beauty products, and gifts, discussions around its future aim to align with the evolving needs of the community.
As part of this initiative, Macy’s is still showcasing its beloved Great Tree this winter, supported by the cryptocurrency firm Ripple. Additionally, the store will host the San Francisco Society for the Prevention of Cruelty to Animals’ Holiday Windows pet-adoption attraction, while the annual ice skating rink in the plaza is set to open for business this Wednesday.
TMG Partners will conduct a strategic assessment of the property, exploring innovative options such as adaptive reuse and enhancements that cater to today’s office workers, residents, and visitors. TMG’s Chairman and CEO, Michael Covarrubias, stated, “There are a lot of different uses” the building could accommodate, including housing and experiential attractions that energize the space.
The partnership comes at a crucial time for San Francisco’s downtown, which has faced significant economic challenges since the COVID-19 pandemic. The city is grappling with altered shopping habits and high office vacancies due to the rise of remote work. Covarrubias emphasized the importance of revitalizing the Macy’s store as a key component of the city’s recovery.
Macy’s previous closures, including the five-story Bloomingdale’s at the nearby San Francisco Centre mall, highlight the urgent need for innovative solutions to attract visitors back to the area. Yet, there are glimmers of hope, with local businesses reporting success and new stores opening, such as a Dandelion Chocolate pop-up and a Nintendo store in the vicinity.
TMG Partners, established in 1984, is also in the process of acquiring the Metreon shopping center located at 4th and Mission streets. Covarrubias noted that this complex, featuring strong anchor tenants like AMC and Target, presents further opportunities for community engagement.
As the city seeks to breathe new life into its downtown, Covarrubias hinted at potential future acquisitions to convert underutilized office spaces into residences. He also pointed out the supportive role of city officials in facilitating these projects, saying, “They want The City to improve.”
As plans develop, the focus will be on creating a vibrant downtown that draws visitors from far and wide. With both companies committed to this transformational vision, the future of the Union Square Macy’s store is set to become a beacon of hope for San Francisco’s recovery.
Stay tuned for more updates on this exciting venture, as Macy’s and TMG Partners navigate the challenges and opportunities ahead.
