Despite high retail vacancy rates in San Francisco's Union Square following the COVID-19 pandemic, luxury retailers continue to open in the area. Yadav Diamonds and Jewelry, a family-owned business, is the latest addition, joining a growing cluster of high-end stores.
The number of luxury retailers in San Francisco’s Union Square district continues to grow even as the area has been plagued by high retail- vacancy rates following the COVID-19 pandemic.
“I really believe in Union Square,” said company founder Yair “Jim” Yachdav, who started selling small diamonds wholesale in 1983 and built the company he now runs with his two daughters and his son into an official “legacy” San Francisco business, meaning that it is certified to have operated for 30 years or longer and contributed to The City’s history and identity.
Yachdav had long operated in a space he said was lacking natural light at 888 Brannan St. in the San Francisco Gift and Jewelry Center. The new showroom has banks of windows that can afford plentiful sunlight, which Yachdav said helps highlight the “ethical” and “conflict-free” natural and lab-grown diamonds he advertises.
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The relatively thriving local luxury sector stands out given the fact that in the third quarter of 2024, Union Square’s retail vacancy rate rose to 22%, up from 18.7% a year earlier, according to Cushman & Wakield, the real-estate company. The City’s retail-vacancy rate reached a record high of 7.9%, the company said.
LUXURY RETAIL UNION SQUARE SAN FRANCISCO VACANCY RATES ECONOMIC RECOVERY
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