The incident happened around 3pm today on Glasgow's Argyle Street.
Police have confirmed two people have been take to Glasgow Royal Infirmary. Their condition is unknown.
A Police Scotland spokeswoman said: "Police were called at 3pm after two females were struck by signage that appears to have fallen from a storefront on Argyle Street.
"Both have been taken to Glasgow Royal Infirmary and the Health and Safety Executive has been informed."
The Scottish Fire and Rescue Service (SFRS) and Scottish Ambulance Service (SAS) also attended.
A SAS spokesman said: "We received a call at 2.55pm to attend an incident on Argyle Street in Glasgow.
"We dispatched one ambulance crew to the scene."
Pictures from the scene show a wide police cordon around the area and passersby attending to at least one person who has been injured.
A spokesman for rail operator ScotRail confirmed access to a nearby station is restricted.
He said: "The main entrance on Argyle Street is closed due to an incident outside the station. You can still access the station via Osborne Street."