Old Navy is shutting down its Mission Bay headquarters and moving in with its parent company, Gap Inc., the clothing retailer announced in an email to employees Monday.
Gap Inc. is the latest company to downsize its San Francisco office space during the pandemic, as the shift to remote work continues to redefine the workplace and roil the commercial real estate market. Yelp, Levi Strauss, Twitter, Pinterest and Dropbox are among the companies that have signaled plans to shrink their San Francisco headquarters.
The retail company’s move is notable because it is a large San Francisco employer outside the tech industry revealing plans to scale back its office presence. Gap Inc. had an estimated 4,500 employees in San Francisco before the pandemic.
It’s unclear when Old Navy will move out of 550 Terry A. Francois Blvd. Gap said it wanted to create “flexibility” for its divisions, which include Banana Republic, Intermix, Athleta, and Janie and Jack.
“To encourage and enable this cultural transformation, we will be bringing together our San Francisco headquarters employees into two buildings ... and will exit our Mission Bay location,” Gap said.
All of its units will now be located in two buildings along the Embarcadero — 2 Folsom St., a 544,813-square-foot building Gap Inc. owns and uses as its corporate headquarters, and 1 Harrison St.
Gap also owns the Old Navy building at 550 Terry A. Francois Blvd., which it purchased in 2019 for $342.5 million. Gap would not comment on any plans to lease or sell the building.
SocketSite, a commercial real estate publication, estimated last month that San Francisco had 10 Salesforce Towers’ worth of vacant space, or 14 million square feet. Demand has plummeted as companies have reassessed their office needs. Some companies, like Twitter and Square, have said that their employees can choose to work remotely indefinitely, while others like Google have said they might only require workers to come into an office a couple of days a week.
The pandemic has worsened the woes of the retail sector. Gap said last April that it stopped paying rent on stores closed because of shelter-in-place orders, and is now involved in legal fights with some mall landlords.
But even before the pandemic, retailers had plenty of trouble with fewer people shopping in person and more opting to buy online. Gap Inc. closed more than 100 stores in 2019 and in October said it planned to close 30% of its Gap and Banana Republic stores.
Gap Inc. called off plans to spin off Old Navy into a separate company last January after a year of planning. The company said at the time that its board had scrapped the plan as too costly and complex. Old Navy accounts for more than half of Gap Inc.’s revenue.
Shwanika Narayan is a San Francisco Chronicle staff writer. Email: shwanika.narayan@sfchronicle.com Twitter, Instagram: @shwanika
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