Written by T. Logan Dayne
Abercrombie & Fitch announced that it is closing its San Francisco store along Market Street. Market Street, lauded as a bustling hub for major transit in San Francisco, has now lost several name brand stores in a few short years. Abercrombie & Fitch is following the other retailers such as H&M, Uniqlo, Marshalls, Gap, and others in closing near Market Street. This was the only Abercrombie and Fitch location in San Francisco.
The plunge in tourism due to the pandemic and rising crime rates in the bay area are largely to blame. State and city restrictions have discouraged many from visiting San Francisco in recent years. Skyrocketing crime resulting in a surge in car break-ins has also marred San Francisco so much so that local residents leave their cars open in hopes that burglars will pass by without breaking any windows.
Supply chain shortages have also been cited as a major factor in the stores closing. In the months leading up to the holidays, many stores expect an increase in traffic, however, many have been unable to meet demand as supply chain crisis chokes the States. Secretary of Transportation, Pete Buttigieg attempted to alleviate the shortage only in late December after taking two months leave. He has given no statements regarding the alleviation of the shortage that has persisted into January. As a result, Abercrombie & Fitch, which expected up to a 6% revenue increase in the fourth quarter (as compared to 2020) actually dropped by 2% as compared to 2019. The San Francisco stores closing was part of a larger pattern. Abercrombie & Fitch have closed 137 stores in 2020 and may close more as online shopping, regulation, and crime increase while tourism decreases.
Photo Cred: Justin Sullivan/ Getty Images
