For decades, the Macy's Store at San Francisco's Union Square has been a focal point of the shopping district, particularly during the holidays.
But this could be the last year for the iconic retailer in the city. The Macy’s corporation announced earlier this year that it plans to close this store, along with 150 other underperforming outlets across the country.
However, that closure is contingent on selling the property and according to multiple published reports, two local development firms, TMG Partners and Prado Group, are among those interested in buying the space.
Alexander Quinn with Jones Lange Lasalle told NBC Bay Area on Monday that's a good sign for San Francisco's economic recovery.
"There's increased convention activity now, starting to recover in San Francisco, and more visitors,” Quinn said.
Quinn added that interest from two well established local firms means they're banking on an economic rebound in the city.
The kind of experiential retail he's talking about would include something like a Nintendo store, where you have to be there in person to fully appreciate it.
Earlier this year, Nintendo announced plans to open only it's second store in the united states at Union Square in 2025.
Reports of local developers being interested in purchasing the Macy’s property is good news for groups like the Union Square Alliance, who say local developers would better understand the importance of this property and it's significance to this neighborhood.
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Jeff Bellisario with the Bay Area Council said it is interesting that both firms are local. He said it may mean that outside developers aren't yet ready to pour money back into the city.
"While it's still positive news for the city, I do think it should be tempered a little bit with the fact that it's local and not international and national type capital coming back in,” he said.
Bellisario added that there's plenty of positive signs for companies that are familiar with the city's progress on clearing up perceptions of crime and other issues. But that may not be apparent to groups outside the bay area yet.
Representatives of TMG Partners and Prado Group did not reply to NBC Bay Area’s requests for comment on their efforts to buy the building. There's no word yet on what they are planning if either is able to buy it.
