The Saks Fifth Avenue San Francisco store at one corner of Union Square will close on May 10, according to a statement provided by an official with Saks Global, in another blow to the historic shopping district’s retail foundation.

Saks Fifth Avenue is joining the list of long-standing businesses leaving San Francisco’s Union Square. A wave of financial strain is sweeping through Florida’s condominium market, pushing owners to the breaking point and flooding the state with for-sale signs.