As the result of San Francisco’s booming rents, retailer Shreve & Co. is leaving the building that bears its name, which has been its home for 109 years.
“We negotiated with our landlord down to the wire,” says Lane Schiffman, managing partner of Schiffman’s, which has owned the 160-year-old jeweler since 1992. “But we were not able to renew. Rents are soaring, and there is not much we can do about that.”
Schiffman doesn’t know if the building, located a block away from commercial hub Union Square, will keep the Shreve name.
“It might be a nice thing if it stays that way, but I have no idea about what will happen,” he says. “My guess is the landlord will want to change it. It’s his building. He can do what he wants.”
He says the store will soon announce its new location, which will be nearby its old one.
“In Shreve’s history, it has moved three or four times,” he says. “This is not the first time we have moved. Just the first time we have moved from this building.”
“In Union Square, people are always moving around,” he adds. “It’s just really exceptional that we have been able to maintain that position for so long.”
The store has been located in the landmark building since March 1906; it opened its doors there 30 days prior to the city’s famed earthquake. (Afterward, the building was one of the few left standing.) The Shreve family originally owned the building but sold it prior to Schiffman’s purchase of the jeweler. It is now owned by the Hong Kong–based Bonds Group.
According to the San Francisco Chronicle, the new tenant in the space will be another jeweler—Harry Winston.
Meanwhile, Schiffman hopes the move will provide the store with opportunities it may not have had if it stayed where it was.
“The facility, being so old, had its limitations,” he says. “We were already looking to expand. We are very excited to move to new facilities that will have greater opportunity.”
“As the city has evolved, jewelers like us often have had to move,” Schiffman says. “Business-wise, we are in as strong a position as we could hope for. We are excited for this next change and next chapter.”