Articles and News

San Francisco, CA--Shreve & Co., a 172-year-old jeweler in San Francisco, is closing its Union Square store and consolidating operations at its two locations in Palo Alto.

[Image via Shreve & Co./Facebook]

Per a report published in San Francisco Chronicle, managing partner Lane Shiffman thanked customers in a statement, acknowledging Shreve & Co.'s long-standing presence in the city.

Shreve & Co. began at 110 Montgomery St. in 1852 and moved to 200 Post St. in March 1906, just before the earthquake and fire. The jeweler remained there for 109 years until 2015, when New York jeweler Harry Winston outbid it. Despite this move, Shiffman emphasized the company's financial stability.

The report added that the jeweler then relocated to an 11,800-square-foot space at 150 Post St. Now, Union Square is experiencing numerous store closures, including North Face, Zara, and H&M. However, signs of recovery are emerging, with new brands taking advantage of lower rents.

Retail broker Ali McEvoy of Maven Commercial noted that Shreve & Co.'s decision to leave was unexpected, as the company was negotiating to remain in Union Square until a few months ago. In the report, McEvoy highlighted that luxury watch companies like Rolex and Breitling and high-end women's clothing brands St. John and Max Mara were moving into Post Street.

"It's just a changing of the guards, an evolving market space," McEvoy said in the report. "It's not all people leaving the Square, it's people relocating. New tenants coming in. We have a ton of new tours with big national brands coming to take a serious look at the market."

McEvoy also mentioned in the report that the 11,800-square-foot Shreve space was larger than most current retailers seek, with most looking for spaces under 3,000 square feet.

Learn more in the report published in San Francisco Chronicle.