After 172 years of business, the landmark Shreve & Co. jewelry store in San Francisco's Union Square has declared its doors will shut for good with a blowout liquidation sale catching the eyes of luxury bargain hunters. Come Friday, watch and necklace enthusiasts can scoop up high-end bling at discounts as steep as 60% off, as reported by SFist. The closure date is up in the air and hinges on how quickly the inventory sells out. Shreve's isn't just clearing shelves—they're moving their flagship to their only remaining location, out in Palo Alto.

The move symbolizes a shift in the tides for Shreve's over-a-century-long spirit in the city's heart. Their presence once symbolized the epitome of San Francisco’s luxury and capacity to rise from ashes—whether from the great earthquake of 1906 or the competitive pressures of a modern retail landscape. “As we turn the page on this exciting new chapter, we are filled with gratitude for our journey in San Francisco,” Lane Schiffman, Shreve & Co.'s managing partner, told SFist in a press release.

Shreve's renowned collection has captivated San Francisco's elite as well as global dignitaries and collectors. Artifacts like the solid gold Teddy Bear made for Teddy Roosevelt and commissions for Queen Elizabeth II's coronation situate Shreve & Co. in the annals of not just local but international history. In a narrative laid out by Shreve's blog, they've survived seismic shifts, both literal and figurative, adapting post-earthquake with rapid relocations and supporting wartime efforts during WWI.

In Union Square, the void left by Shreve's grand 15,000-square-foot location stands as a testament to the evolving fabric of retail space in the city. Yet optimists like commercial real estate broker Ali McEvoy from Maven Properties see an upside, insisting that "There are incredible deals to be made," aligning with this change as reported by SFist. With reports of a day spa operator looking to move into the old Shreve building, life in Union Square pulses on, even as it bids farewell to a chunk of its glittering past.