Shreve & Co., a prestigious jeweler that has been in San Francisco for 172 years, announced on Monday that they are leaving the city.
The jeweler said it will move the flagship store to Palo Alto, as part of a "strategic retooling of the company's business plan." The San Francisco Union Square legacy store, located at 150 Post Street, will begin its liquidation sale May 17.
A spokesperson for Shreve & Co. elaborated by saying dynamic changes within the luxury retail industry were taken into consideration in their decision to head south.
Among the inventory for the total liquidation, store closing sale: a multi-million dollar diamond, fine jewelry and watch inventory. Customers and bargain shoppers can expect deep discounts with items going for as much as 60% off.
"This marks a significant chapter in the company’s storied history, embracing new opportunities while continuing to uphold its revered legacy," Lane Schiffman, a managing partner with the company, said. "We are proud that our core values and commitment to service remain unchanged."
Union Square and downtown San Francisco have been hit particularly hard with storefront vacancies in the wake of the coronavirus pandemic.
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