Amid a brick-and-mortar bloodbath in the wake of online shopping, a beloved luxury department store is closing an iconic location in California .
Saks Fifth Avenue announced that it will be closing its location at 384 Post St. in San Francisco’s Union Square. It is the second major hit for the downtown area after another beloved store shut down its flagship Union Square location earlier this year. Many major department store chains have been massively hit by the rise of e-commerce and fast fashion, prompting store closures across the country , among other changes.
Macy’s filed for Chapter 11 bankruptcy last year and is slated to shut down 2,500 stores this year . Similarly, JC Penney filed for bankruptcy in 2020 and will be closing at least seven stores in the coming weeks …