Five and Diamond, the 17-year-old boutique, closing this month

Five and Diamond, an alternative fashion boutique at 510 Valencia St. between 16th and 17th streets, is closing its location in San Francisco after 17 years and moving to Portland, Oregon, its owner confirmed on Tuesday.

The store will close on Jan. 28. It will look “normal” up until Jan. 14, its owner said, after which even its fixtures and displays will go up for sale as the store is dismantled. 

Sales for the fourth quarter of 2023 were down more than 60 percent from the prior year, owner Haley Lynn said. She was counting on holiday sales to balance out losses in October and November, but “it was worse than ever before.”

Lynn has been thinking about closing for a while, but after seeing the poor Christmas sales numbers, she signed the new lease in Portland last week. 

“San Francisco will always live in our hearts,” Lynn said. “We know it will come back, it always does. We just can’t afford to wait it out.”

A Five and Diamond store with dark leather clothes and accessories on display
Five and Diamond has been on Valencia Street for 17 years. Courtesy of Haley Lynn.

Initial data from the San Francisco Controller’s office showed an overall drop-off in sales tax along the Valencia Street corridor in the second quarter of 2023 of 6 percent, indicating a modest but significant downturn. But Lynn argued that the sales tax data itself isn’t enough to show the impact on the brick-and-mortar stores, as it didn’t indicate where the sales are coming from. 

For example, Five and Diamond has seen an uptick in online sales coming locally from the city, and it has also been holding more events to get income. But those did not reflect the struggles of the physical storefront, Lynn said. 

Although reluctant to blame the Valencia Street center bike lane for the closure, Lynn said the loss of parking spaces along the business corridor contributes to fewer customers going to the store. No parking spots were removed in front of Five and Diamond, but the corridor overall saw a decrease. 

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