Keep in mind what Clark Howard says in this 2017 video.
Now what would be the reason for closing a high-end retail store in a place like SF? Wonder what factor could have sparked that decision…
Well, Henrius, I can’t say that San Francisco’s ongoing issues with crime and homelessness have helped matters. However, a certain paragraph in this SFGATE article reads:
This announcement from Bloomingdale’s aligns with a broader trend of department store closures nationwide. In February 2024, Macy’s Inc., Bloomingdale’s parent company, revealed plans to close 150 locations by 2026, including its flagship Macy’s store in Union Square. In early January 2025, the company announced other Bay Area Macy’s closures, including a location in Corte Madera and Newark.
Keep in mind that Clark Howard describes the traditional department-store model as “broken” in a certain 2017 video that I linked to earlier in this thread.
Yep. It has fascinating how the malls first, then the department stores have fallen on hard times. It is actually easier to get product information online from vendors like The GPS Store than from sales people (if you can even find them) in department stores.
But if I were CEO and had to close stores, I would certainly close the one in high shoplifting loss areas first.
Well, Henrius, it wasn’t too long ago that Walmart closed both of its stores in Portland, Oregon. (Yes, I mean the city proper.) According to the gentleman who makes videos for the World According To Briggs channel on YouTube, the stores in question weren’t doing too well anyhow, but they also had issues with theft as well as homeless people (vagrants?) wandering inside.
Theft is a huge problem in inner city stores.
Wal-Mart cashiers have admitted to me that the self checkout lines caused a lot more loss by thefts. Sometimes when I shopped there were zero cashiers on duty! I notice my Wal-Mart has changed policies and now has more cashiers. It was just too tempting to put items in your buggy without paying when something will not scan right with no one is looking,
A Home Depot employee told me theft of small items like plumbing elbows is out of sight. People just stick them in their pockets and walk out.
Things could be incredibly cheap if all customers were honest.