Old Navy abruptly closes flagship store after nearly 30 years in business

The Old Navy store closing is located at 801 Market Street and is a 73,000-square-foot location that has been open since the 1990s.

"Since our Market Street store opened in the 1990s, the way we leverage flagship locations has changed," Gap Inc. said in a statement on Friday, per NBC affiliate KNTV in Bay Area.

Although its parent company Gap Inc. still has plans for the San Francisco area amid the closing.

"We have taken the difficult decision to close our Market Street store when the lease expires, and we are already working to identify new locations in Downtown San Francisco that will better serve the needs of the business and our customers," the spokesperson said, per The San Francisco Standard.

The company is identifying new locations in downtown San Francisco that will better serve its customers and business needs along with an upgraded hub for employees.

"Gap Inc. has deep roots in San Francisco and is committed to the city. We recently invested in renovating our Downtown San Francisco hub where our teams come together to develop new consumer experiences and product innovations," Gap Inc. said, per KNTV.

"Old Navy is always evaluating its real estate portfolio to ensure a healthy fleet of stores that can provide the best possible experience for our customers."

The only remaining Old Navy in San Francisco is a small location in what Gap Inc. calls its laboratory spaces, per The San Francisco Standard.

It includes its Gap. brands such as Old Navy, Athleta, Gap, and Banana Republic. 

This location for this space is experimental and is in office space the company already owned.