Another prominent retailer on Shadyside’s Walnut Street is closing its doors.
Banana Republic, whose presence in the neighborhood dates back to at least 1995, will end its long run March 31. The store’s manager confirmed the closing Tuesday but declined further comment.
The clothing store is the latest big name retailer on Walnut to shut down. Last March, the Gap closed after a quarter of a century on the trendy street after the landlord decided not to renew the lease. Two months earlier, Athleta, which is owned by Gap, ceased operations after its rent was adjusted amid decreased traffic.
The Banana Republic lease for its 15,000-square-foot space at the corner of Walnut and Ivy Street was up, said Herky Pollock, president and CEO of Legacy Realty Partners, the broker for the real estate. The decision to move on was “mutual,” he added.
“It’s been on the street for a very, very long time. I view it as an opportunity to upgrade the current tenant mix on the street,” he said.
Banana Republic has been at its current location since 2000, which when it opened was one of its largest in the country. Before that, it worked out an adjacent space a third of that size that had housed the Razzberry Rhino.
Mr. Pollock said he is currently in “serious negotiations” for the Banana Republic space with two national retailers “who have wanted to enter the market for a very long time.”
“Rarely, do you get a space this large, and especially on a corner, on Walnut Street, so it creates an ideal expansion location,” he said.
He noted that he is “looking for something cutting edge and hugely transformative that will allow Walnut Street to go into the next era.”
While Banana Republic is the third big retailer to close within the last year, Mr. Pollock said he doesn’t view that as a negative.
It “marks yet another chance for the changing of the guard to allow an iconic brand to enter what has always been a tight street to penetrate.”
At the same time, the Apple store now located at 5508 Walnut will be moving to the former Gap space at 5436 Walnut. Mr. Pollock said the new store will be two levels and is currently under construction. It should open this year.
He said his firm also is in negotiations with several retailers to replace Apple once it relocates.
Between the Banana Republic, Gap, and Apple locations, “you have the ability to transform over 30,000 square feet on Walnut Street and bring it into the modern era.”
Walnut Street has been in transition for the last several years. In addition to the Gap, Athleta, and now Banana Republic, retailers like e.b. Pepper, which was in existence for 37 years, and Shadyside Market & Deli have closed down.
It has led some to wonder whether the fashionable stretch that has been a destination for many shoppers was losing some of its luster. But amid the setbacks, there have been positive developments as well.
Cheeks, a lingerie and sleepwear store, and Madeleine George, a women’s clothing retailer, have replaced e.b. Pepper. Starbucks has moved from Copeland Street to Walnut and Henne Jewelers at 5501 Walnut has doubled its size to 14,000 square feet.
First Published: February 26, 2025, 12:30 a.m.
Updated: February 26, 2025, 8:31 p.m.
