The Powell and Market intersection faces severe retail vacancy while a major streetscape renovation approaches, with permits showing both closures and new businesses preparing to open.

On the corner of Powell and Market Street, a $40.2 million streetscape overhaul is scheduled to begin construction in fall 2026, but the intersection today tells a different story. The Powell Street corridor between Market and Sutter carries a retail vacancy rate of approximately 71%, far exceeding the citywide average of 8%, according to The San Francisco Standard.

The SF Centre mall officially closed January 26, 2026, with BART sealing off its entrance from the Powell Street Station concourse. The Starbucks at 865 Market St. permanently closed September 13, 2024. Yet new permits signal change: Pop Mart filed permits in July 2025 for a new store at 200 Powell St., planning retail display tables and a cashier counter.

Recent building permits show continued activity on Powell Street: permit 202606163319 for $40,000 in alterations at 850 Powell St., and permit 202606153254 for $110,000 in alterations at 2390 Powell St. On Market Street, permit 202606253897 outlines $3.1 million in alterations planned for 525 Market St.

The Powell Street Improvement Project, funded by $26 million in public money and a $14.5 million private contribution from the Downtown Development Corporation, will feature wider sidewalks, upgraded cable car stops, and new landscaping. "Construction is anticipated to start by fall 2026, with substantial completion expected in 2027," said Carla Short, Director of San Francisco Public Works.

Meanwhile, the city's Storefront Opportunity Grant and Downtown Business Fund are supporting businesses like Compton's Coffee House and Coffee Bar to open near the intersection. The Jollibee project at 934 Market St. remains stalled after its 2023 permit approval, with subsequent permits halted and a 2021 sign permit canceled by the company.