Office Depot has recently announced the permanent closure of its downtown San Francisco location at 33rd 3rd Street. This news comes as no surprise, given the high vacancy rates in the area, which have reached 32-33%, and are likely closer to 50-60% due to subleasing.
The downtown San Francisco location has been hit hard by the decline in foot traffic caused by the pandemic, as well as by the rise in remote work. The demand for office supplies has plummeted, with the downtown core no longer home to as many businesses as it once was. This trend has been particularly pronounced in San Francisco, a tech hub where many workers are remote.
Additionally, shoplifting concerns have also contributed to the store’s closure. The downtown area has been plagued by organized retail theft, with numerous “smash and grab” incidents occurring in recent months. The location of the store, just outside Union Square and in close proximity to the Tenderloin, also contributed to its external obsolescence.
Management declined to comment on the closure, but signs posted at the building indicate that the store will be closing permanently. The exact date of closure remains unclear.
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