For more than five years now — since the onset of the pandemic — San Francisco has seemed to be the epicenter of store closures in the U.S., as crime and other troubles gave the city’s major retail corridors a bad reputation. 

Retail in San Francisco has never been entirely doomed, though, and now there are early signs of a comeback. A recent tour by bike, transit and foot found numerous boarded up buildings and “for lease” signs, but also stores flourishing in the city’s neighborhoods and even its beleaguered downtown.

Macy’s Inc. had shuttered its Macy’s men’s store in 2016 and rumors swirled that it would close Macy’s flagship there, too. Barneys closed there as part of a 2019 bankruptcy. Saks Global closed Saks Fifth Avenue last year, months ahead of its 2026 Chapter 11 filing. 

But, while empty storefronts remain, several luxury and upscale direct-to-consumer stores stuck around or recently arrived. Macy’s Union Square store, for one, stayed open.

In a recent study of office, lodging and retail in San Francisco, Trepp found evidence of an emerging recovery downtown, thanks in part to a rebound in office leasing driven by AI tech companies.

Reporter’s Notebook: How bad off is San Francisco retail? | Retail Dive