Retail exodus: Old Navy bailing out of San Francisco

The retail exodus in San Francisco is not only failing to ease, but it seems to be accelerating. We already saw Walgreens and other pharmacies packing up to leave. Recently, Nordstroms joined the parade heading for the door. Now you can add Old Navy to the list. The local CBS News outlet was tipped off by a worker at the company’s main San Fran outlet about the imminent departure and the reason for it. The story is a familiar one at this point. Old Navy is being looted so often that it is neither safe nor profitable to keep the place open and the company soon won’t be able to afford insurance for the business anyway. So Old Navy and all of the jobs it provides will be exiting stage left.