S.F. jeweler shutting down Union Square store after being in the city for 172 years

Shreve & Co., the historic San Francisco jeweler that has been in the city for 172 years, is shutting down its Union Square store and consolidating operations at its two Palo Alto locations.

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In a statement released Monday, Shreve managing partner Lane Schiffman thanked customers “for allowing us to be a part of your life’s most precious moments.”

“As we prepare to turn the page to an exciting new chapter, we want to take a moment to reflect on the journey we’ve shared with you here in San Francisco,” Shiffman said in the statement. “Shreve & Co. has been a proud member of this vibrant community since 1852, and it has been our honor to be a part of your most cherished moments.”

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Shreve & Co. opened on 110 Montgomery St. in 1852 and moved to 200 Post St. — which still has the Shreve & Co. name etched above its front entrance — in March 1906, a month before the earthquake and fire. For 109 years the company operated there before being forced to move in 2015 when it was outbid on the 200 Post St. space by New York jeweler Harry Winston. 

At the time the displacement of Shreve & Co. was held up as an example of local family-owned businesses being priced out of Union Square by national luxury brands. 

“One thing you can count on in San Francisco is the rent going up,” Schiffman said at the time. “The most important thing to know is that Shreve is a fantastically healthy fine jeweler with basically no debt. We are very strong and will transition to new space and be better than ever.”

While Shreve & Co. was forced out of 200 Post, the jeweler didn’t have to move far, leasing 11,800 square feet across two floors of 150 Post St.

Now nearly a decade later Union Square has been decimated by store closures — including North Face, Zara, Express,  H&M, Crate & Barrel, Uniqlo, the Gap — even as there are increasing signs of a comeback.

Ali McEvoy, a retail broker with Maven Commercial, said the Shreve & Co. decision to leave was abrupt — until a few months ago the company was in active negotiations to remain in Union Square. 

While stores are still closing, she said the momentum in Union Square has shifted, with an increasing number of brands looking to take advantage of lower rents. She pointed to three Post Street spaces that are currently undergoing tenant improvement build outs for luxury watch companies — Rolex, Breitling and Patek Philippe — while high-end women’s clothing brands St. John and Max Mara are also relocating to Post Street.

Click here to read the full article in SF Chronicle

Comments

  1. Thank you Nancy & Newscum.

  2. Interesting article – we live in the Bayview … one of the last semi affordable areas in the city – and good weather. I avoid downtown and the mess that the SFMTA has created on Valencia St. Hopefully we get a new mayor that will be helpful. Shamann Walton is our District 10 supervisor who has a top notch and responsive staff.

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