My partner is 5'4" as well. She prefers 26 inch wheels on her bikes. She has two main commuter/daily ride bikes, both with 26 inch wheels.
One is an early-mid 90's Trek 830 women's step through mountain bike frame. Set up as commuting/touring/multi surface ride. Hand built wheels, Brooks saddle, modern stem and handlebars, Continental Tour Ride tires, fenders, front and rear racks. Comfortable, versatile bike

Her favorite, though, is a 2010 Surly Long Haul Trucker w/ 26 inch wheels. Coffee/Latte color, drop bars, RackTime front and rear racks, RackTime trunk bag, Serfas Drifter tires, SKS fenders, etc.

On another note, 700C wheels :
We have two female friends that have Kona Coco's and love them.


KONA BIKES | ROAD | DEW | Coco