San Francisco's Retail Scene

[rs913]

Just a quick question for anyone who may know commercial retail better than I do...is it a given that when a space like this opens up, another major retailer will rush in to fill it?

That seems based on an assumption that Borders, Target, Adidas, etc. are all looking to expand into prime areas, and the only thing stopping them is lack of vacancies. I can think of a bunch of reasons why this may not be true - what about the economy? what about the risk created by high rents? what about the fact that many of these chains are struggling and probably aren't in "expansion mode"?

We also have to remember this (perhaps obvious) point: everyone on this thread seems to want someone to take this spot so Union Square and SF retail stays strong, but no retailer will move in for that reason - they care about their own bottom line, not the well-being of SF's retail district.

[Reminiscence]

Wow, this looks bleak. I really do hope someone ends up taking that space as soon as possible because it will turn into an eyesore before long. It's going to take a while to get used to no Virgin Megastore there. Best Buy would be a nice fit there, though anything is better than a big, open, and empty retail space in that area.

[viewguysf]

Originally Posted by rs913

Just a quick question for anyone who may know commercial retail better than I do...is it a given that when a space like this opens up, another major retailer will rush in to fill it?

That seems based on an assumption that Borders, Target, Adidas, etc. are all looking to expand into prime areas, and the only thing stopping them is lack of vacancies. I can think of a bunch of reasons why this may not be true - what about the economy? what about the risk created by high rents? what about the fact that many of these chains are struggling and probably aren't in "expansion mode"?

Your assumption is right on target (small "t"), sofresh808's and others are unrealistic in light of where we find ourselves today, I think. No one is going to want to take the risk now, even if they can obtain financing, etc. For example, Best Buy's net income quarter-to-date is down 77.2% in comparison to last year. Not many business are weathering this storm unaffected.

[BTinSF]

It is impossible to know who might be interested in this space or why. As a matter of fact, the most successful companies use economic downturns to make themselves stronger. VF Corp (North face, Vans, Wrangler, Lee Jeans, Jansport, 7 for All Mankind, Nautica and about 10 others), for example, purchased North Face in the last recession and has cash for purchases now. The Virgin location is a primo spot--a large corner location on the best part of Market St which remains one of America's top retail centers (other top spots are having just as much trouble--Michigan Ave., for example, is losing not only Virgin but also Borders). Many companies might be willing to stretch a little to snap it up. The ones mentioned, especially Target, Wal-Mart and Lowe's, certainly have the resources which is why I mentioned them. Borders is hurting and already has a location in the area. But Barnes & Noble is in better shape and doesn't--plus with Stacey's gone and Borders a potential loss, they would have no more competition in Union Square.

I'm not trying to guess who might want the location, just saying that in spite of the recession there are players with the ability and possibly the desire to grab it up while it's available. We'll know when we see what happens.

[FourOneFive]

It should be noted that JP Morgan Chase plans to open an additional 20 branches in California this year after it rebrands its recently acquired Washington Mutual branches by March 30. Perhaps Chase can occupy one or two of the vacated retail spaces in the Union Square area?

[rs913]

Originally Posted by FourOneFive

It should be noted that JP Morgan Chase plans to open an additional 20 branches in California this year after it rebrands its recently acquired Washington Mutual branches by March 30. Perhaps Chase can occupy one or two of the vacated retail spaces in the Union Square area?

Seems like that could happen...the space could probably hold a bank branch. Or maybe it gets filled by some other kind of retailer not mentioned here yet? After all, when Cody's just down the street from Virgin went under, we got the Ferrari Store as a replacement...

[SpongeG]

virgin should become Pottery Barn - I thought it was weird that Pottery Barn is SF based but there was no store in Union Square/Downtown

[BTinSF]

Originally Posted by rs913

Seems like that could happen...the space could probably hold a bank branch. Or maybe it gets filled by some other kind of retailer not mentioned here yet? After all, when Cody's just down the street from Virgin went under, we got the Ferrari Store as a replacement...

Are you kidding? That space is much too large for a bank branch. Besides, I'm assuming the Wachovia branch that was slated for the Ritz Residences building (and across the street from a Wells Fargo) isn't going to happen--that'd be perfect for Chase.

And who needs another Ferrari? With a store already on Mission @ 3rd, I'm guessing they'll regret putting another one so close but maybe they think they can do enough eat-in lunchtime business.

Anyway, there are going to be some vacant storefronts in Union Square for a while, but the Virgin space is so primo it's hard to believe somebody won't seize the chance that may not come again. Pottery Barn's a possibility.

[Gordo]

Originally Posted by BTinSF

And who needs another Ferrari? With a store already on Mission @ 3rd, I'm guessing they'll regret putting another one so close but maybe they think they can do enough eat-in lunchtime business.

It's not the grocery store - think fast cars, not wine and cheese. It's a Ferrari Auto "brand" store (operated by a separate company - affiliated with Ferrari, but different SpA) where you can buy Ferrari shirts and mugs and jackets and things. They've opened a few in several cities - there's an enormous new one in Barcelona too.

[Gordo]

Originally Posted by BTinSF

Long's on Van Ness?? Where? I guess I'll have a lot of reorienting to do.

It's a mini-Long's, with only about six or eight aisles of merchandise. It's in the spot where Hollywood Video used to be at Van Ness and Pacific. Opened a few months ago, literally days before the CVS announcement.

[BTinSF]

Storefronting: Paul Smith Hitting Union Square So Soon



Some shots of the almost-done Paul Smith store on Geary, between Kearny and Grant, courtesy a Curbed reader. The Paul Smith will be California's second, judging from a search on the British clothier's website, and it takes the place of religious bookstore Pauline Books & Media. Eerie! And let's not forget that just two blocks up, the other Paul brand, Paul Frank, busies itself selling monkey faces on T-shirts. Meaningless coincidence of Pauls? Surely not. [Curbed Inbox]

Source: http://sf.curbed.com/archives/2009/0...re_so_soon.php

[BTinSF]

Metreon Makeover Approved, Entrance Rendered And Ready In 2010



From the San Francisco Examiner with respect to the Metreon's makeover:

San Francisco Redevelopment Agency commissioners on Tuesday evening unanimously approved plans by new owners Westfield Group and Forest City Enterprises to rearrange the [Metreon] to better integrate it with the booming museum district neighborhood in SoMa.
Under the approved plans, shops and restaurants will line the outer perimeter of the ground floor; popular New York restaurant Tavern on the Green will occupy the top floor; a food terrace will face Yerba Buena Gardens; and lights will colorfully illuminate the Fourth Street facade.
The successful cinema complex will remain on the third floor.
The Metreon's main entrance (rendered above) will be moved to the middle of Fourth Street, and the made over storefronts "are expected to open in time for the 2010 end-of-year shopping season."

Source: http://www.socketsite.com/archives/2....html#comments

[peanut gallery]

I wish I could see it in context with the rest of the 4th St facade. I'm still optimistic about the idea, but this particular rendering doesn't really excite me.

[BTinSF]

It's much more open and grand than what's there now--essentially some glass doors.

But I kind of thought the entrance at the corner of Mission was where it should be. I've said here many times I'd like to see that intersection become a mini Times Square with some serious neon for the Metreon theaters and anybody else who wants it.

[Gordo]

Kind of on topic - I noticed the last time that I was in the area that the Jack in the Box across the street from the parking garage on Mission between 4th and 5th had closed. Probably a good thing...

[rs913]

Originally Posted by BTinSF

It's much more open and grand than what's there now--essentially some glass doors.

But I kind of thought the entrance at the corner of Mission was where it should be. I've said here many times I'd like to see that intersection become a mini Times Square with some serious neon for the Metreon theaters and anybody else who wants it.

Also, 4th between Mission and Howard is kind of a dead block, although maybe the revitalized Metreon could change that.

I've seen a lot of comments on the SF Chronicle comment thread and Yelp that the area immediately surrounding the Metreon has become kind of dangerous and out-of-control at night. Is there any truth to that?

[Gordo]

Originally Posted by rs913

I've seen a lot of comments on the SF Chronicle comment thread and Yelp that the area immediately surrounding the Metreon has become kind of dangerous and out-of-control at night. Is there any truth to that?

I haven't noticed that, though the area that I mentioned above (former Jack in the Box) was occasionally sketchy, but I think the closure of the 24 hour JITB (aka 24 hour "hangout" spot) probably helps change that (though the Denny's still catches some of that, I'm sure). Certainly going up or down 4th or east on Mission towards the museums is never bad from what I've seen. The parking garage will never let the place seem as safe as other areas, but I don't think it's anywhere close to "dangerous" or "out-of-control".

[peanut gallery]

OK, now I'm impressed. CurbedSF has more Metreon renderings showing the overall effect. Thanks to the way they post images, I can't add them here. But check them out.

[San Frangelino]

Originally Posted by BTinSF

It's much more open and grand than what's there now--essentially some glass doors.

But I kind of thought the entrance at the corner of Mission was where it should be. I've said here many times I'd like to see that intersection become a mini Times Square with some serious neon for the Metreon theaters and anybody else who wants it.

I always saw it more on a "picadilly circus" scale. One little corner with some bright graphics. Seemed the most appropriate spot in the city for that.

Does anyone remember the giant PSP they installed on the parking garage at 4th and mission. They put it up to advertise the release of the Playstation portable a few years ago. I thought that was kind of cool

[viewguysf]

Originally Posted by BTinSF

It's much more open and grand than what's there now--essentially some glass doors.

> It also adds a set of exterior escalators.

But I kind of thought the entrance at the corner of Mission was where it should be. I've said here many times I'd like to see that intersection become a mini Times Square with some serious neon for the Metreon theaters and anybody else who wants it.

> Are they going to eliminate the existing corner entrance? I agree that it should stay and that the neon, marquees, etc. are cool at that location.