78-year-old popular retail chain forced to close major location

The Covid-19 pandemic in 2020 was devastating for retail chains and the shopping malls they occupied

Retailers in 2020 faced financial distress as a result of shutdowns and other social distancing requirements related to the pandemic. They also dealt with fierce competition and changes in consumer spending habits away from brick-and-mortar shopping to online spending, which had been a growing trend since the 1990s.

Major retail anchors file for bankruptcy

The list of retailers that filed for bankruptcy protection as a result of the pandemic was long. Major retail anchors that filed Chapter 11 petitions included JCPenney and Neiman Marcus, both of which filed in May 2020, and Stein Mart filed in August 2020, according to AARP.org.

Other mall occupants that filed for bankruptcy included J. Crew in May 2020, GNC in June 2020, both Brooks Brothers, and Ann Taylor and Lane Bryant parent Ascena Retail in July 2020, and Men's Wearhouse and Jos. A. Bank parent Tailored Brands in August 2020.

Covid-19 pandemic forced retailers into bankruptcy

• JCPenney
• Neiman Marcus
• Stein Mart
• J. Crew
• GNC
• Brooks Brothers
• Ascena Retail (Ann Taylor, Lane Bryant)
• Tailored Brands (Men's Wearhouse, Jos. A. Bank)

Many of the bankrupt retailers rejected store leases through their bankruptcy cases and closed locations, which severely impacted mall owners' revenue, as many storefronts in shopping centers went dark.

While retailers in 2020 faced severe effects from the pandemic, retail chains today face other economic symptoms not as common five years ago.

Inflation and tariffs add to retailers' economic issues

In addition to fierce competition and evolving consumer spending habits, retailers today have also dealt with rising labor and product costs driven by inflation and increased tariffs, which became economic issues after the pandemic.

Some bankrupt retailers that filed recently, however, also blamed lingering effects from the pandemic for their financial distress.

This year, apparel and accessories retailer Forever 21 filed for Chapter 11 bankruptcy a second time on March 16, 2025, and shut down all of its 354 stores by May 1, 2025.

Iconic fashion retail chain Claire’s also filed for bankruptcy for a second time on Aug. 6, 2025, and closed 18 stores by Sept. 7.

Major retailers close stores

Several retailers are closing store locations without filing for bankruptcy.

Macy's said in January 2025 that it would close 66 underperforming stores in 2025 and about 150 stores by the end of 2026.

Kohl’s earlier this year said that it would close 27 underperforming locations in 15 states by April 2025.

H&M closes location in failed shopping mall

And now, popular women's and men's apparel chain H&M is closing its location at San Francisco's largest, and almost empty, downtown shopping mall.

The Stockholm, Sweden-based retail chain said it will shut down its store and leave the San Francisco Centre mall in January at the request of the new owners, who asked all tenants to vacate the premises after taking control of the property at a foreclosure auction in November, the San Francisco Chronicle reported.

“We can confirm that we received a notice to vacate and will be closing our location at San Francisco Centre Mall in January," an H&M spokesperson told the Chronicle in a statement.

H&M is committed to the San Francisco area, as it will continue to operate its location across the city at the Stonestown Galleria on 19th Avenue, which it opened on Nov. 20, 2025, the spokesperson said.

H&M operated its main store, an H&M Kids store, and an H&M Man store in the 1.5 million square-foot downtown shopping mall. The retailer is working to place employees of the San Francisco Centre store at other nearby stores, including those in Daly City, Emeryville, San Mateo, Santa Clara, and San Jose, Calif., the company said.

More closings:

• Casual Mexican restaurant chain closes more locations
• 79-year-old national trucking company closes down, no bankruptcy
• 65-year-old Home Depot rival shutters business permanently

H&M closed its largest West Coast store at its Powell Street location in San Francisco's Union Square in October 2020, SFGATE reported at the time.

San Francisco Centre's website lists 27 tenants, which the Chronicle estimates is about 9% occupancy. However, it said the mall had about 200 tenants before the pandemic.

Remaining retailers at San Francisco Centre

• H&M
• H&M Kids
• H&M Man
• Amazon Locker - Moshko
• Aritzia
• Boss
• Brow Smart Salon
• Currency Exchange International
• Ecco shoes
• Executive Order Bar and Lounge
• Eyebrow Plus
• Foot Locker
• GNC
• Marvel Adventure Lab
• Mi Cocina
• Miniso
• Pawbox
• Photo Studio Deluxe
• Ray Ban
• Samsonite
• Shake Shack
• Shoe Palace
• Shoe Wiz
• Shoe & Laces
• Tumi
• Tu Together
• Panda Express

The new owners of the mall, who are a consortium of prepetition lenders of the former owners of the mall, have not revealed their plans for a redevelopment of the property.

H&M was established in Sweden in 1947 and expanded through Europe before debuting its flagship U.S. store in New York in 2000.

Related: 123-year-old retail chain shuts down popular mall location