It’s a new dawn in San Francisco, where the election of moderate leaders has encouraged luxury retailers such as Goyard to double down on Union Square.
The French trunk and leather goods maker is punching out its Maison Goyard store at 118 Grant Avenue by leasing the former Montblanc store next door at 120 Grant Avenue for a combined 2,500 square feet at the corner of Maiden Lane, the San Francisco Business Times reported.
Terms of the deal were not disclosed.
While Maiden Lane is punctuated by empty storefronts, incoming shops to Union Square are aided by a new political climate created by newly elected Mayor Daniel Lurie and Supervisors Bilal Mahmood and Danny Sauter, who eked out wins over more progressive rivals.
Kazuko Morgan, a broker at Cushman & Wakefield, said dealmaking has picked up in the week since San Franciscans voted in a new mayor, supervisors and dozens of local and state ballot measures.
“It’s 100 percent the local election,” Morgan, who represented both sides in the Goyard expansion deal, told the newspaper. “There’s interest from all of these out-of-town tenants and investors.”
Marisa Rodriguez, CEO of the Union Square Alliance, said she’s encouraged by a sense the local election results could spur a stronger appetite for investment in the city’s premiere shopping district.
“The recent local election has brought a renewed energy around revitalizing Downtown and Union Square, a recommitment to public safety and a focus on economic development,” Rodriguez told the Business Times. “We are encouraged by a sense of confidence to move forward and invest in Union Square.”
After selling the four-story building it occupied in Union Square, British fashion house Burberry opened last week at newly leased digs in the Marion building at 110 Geary Street.
This month Chanel also unveiled the look of its future flagship in the building it bought in 2022.
Other luxury stores have moved in or renewed leases around Maiden Lane since 2020, including Bottega Veneta and Van Cleef and Arpels. This year, St. John’s Knits Boutique, Rolex and Patek Philippe, and A. Lange & Söhne joined the throng.
— Dana Bartholomew
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