Posted on 06/12/2023 7:23:13 PM PDT by Morgana
San Francisco's struggling downtown has been dealt another blow with the news that Westfield is abandoning its massive mall - the biggest in the city - amid a plunge in sales sparked by the pandemic.
Westfield has stopped making payments on a $558 million loan, and is handing it back to their lender, who will appoint a receiver. It will remain open for now.
The decision is sparked in large part by the decision from Nordstrom, the mall's anchor tenant, to close in August.
Last month, Westfield blamed 'unsafe conditions' and 'lack of enforcement against rampant criminal activity' in part for Nordstrom's departure from the mall.
Westfield said the 'unprecedented' poor performance in San Francisco was a sharp contrast to the rest of its properties.
San Francisco Centre generated $455 million in sales in 2019, before the pandemic.
Last year, sales were down about a third to $298 million.
Nordstrom occupied 312,000 square feet in the mall: when it closes, Westfield San Francisco will only be 55 percent leased.
Other Westfields are on average 93 percent leased.
The mall is a smart and upmarket building, whose other retailers include Bloomingdales, Aesop, Rolex and Sephora.
Westfield's struggles will pile fresh pressure on city leaders, after multiple retailers and hotels shuttered in downtown San Francisco as it continues to battle soaring crime, open drug use and homelessness.
The famously-progressive city has been condemned for its 'harm reduction' policies, which critics say have effectively legalized drug taking. Meanwhile, its police department remains short-staffed after woke lawmakers called for defunding in the wake of George Floyd's murder.
'For more than 20 years, Westfield has proudly and successfully operated San Francisco Centre, investing significantly over that time in the vitality of the property,' the company said.
(Excerpt) Read more at dailymail.co.uk ...
That’s not good.
How many times have the looters stolen stuff?
Will the last one to leave please turn off the lights...
(Assuming that there is still electricity available at all.)
“That’s not good.”
No it’s not. I just googled images of that mall and it’s a beautiful one.
I can’t believe San Fran city officials are just letting the place burn down. Even Princess Nancy stands by and does nothing.
There are two kinds of malls...
There goes Bloomingdales - its in the Westfield mall. I predicted this. When I stopped by last month the place had @1/4 the people I would have expected. Sad. Its one of those places I would take the kids for the movies and the food court after.
The closures are accelerating.
Next up I think - Macys and Target.
What a shame...
-PJ
“Princess Nancy stands by and does nothing.“
You wouldn’t like what she would do if she was still Speaker and could do something
She was speaker and she could have prevented this. Now she takes a back seat when she could go back to san fran and stop things from getting worse if that is possible at this point.
Which I doubt.
Khrushchev said we would sell him the rope they would use to hang us.
It has been over five years since I have been to that mall. Very nice. Lots of people at that time. Sad to see it go. I don’t think it will remain open for much longer. I anticipate more retailers abandoning the mall now. Massive job loss.
The mayor and city council are too stupid to even care. They might as well put a fence around the city let them stew in their own juices.
Can it really take that many more falling dominoes to get the simpleton voters in SF to wise the hell up?
Target’s a hellhole store - they might stay just to have a chance at sexually mutilating some children.
anxious to see these reports become a downturn in real estate value... Like REAL down down.
Really sad to see. I’ve stayed at the Parc 55 numerous times, I’ve shopped at the Westfield mall numerous times - the watch I’m wearing right now is one I bought at Tourneau in Westfield some years ago. My sister and I used to go to elementary school in SF. I can’t take any pleasure in seeing the Democrats completely ruin a once-great city.
Honestly, do you think the voters there (or any big “D” city) are bright enough to understand what voting “D” does?
Newsom Gets Revenge On DeSantis By Continuing To Send Thousands Of Californians To Florida
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.