Posted on 09/26/2024 12:03:46 PM PDT by Vendome
the San Francisco mall’s most prominent anchor tenant, Nordstrom, announced it would close its doors in August, leaving more than 300,000 square feet vacant across five floors. Shortly thereafter, the mall’s owners, Westfield and Brookfield Properties, said they were handing the property back to lenders .
...stripped of the Westfield name and the brand’s distinctive red lettering, the 1.5-million-square-foot San Francisco Centre has become synonymous with the challenges of Downtown San Francisco: a hollowed-out business district, vacancy rates hovering at historic highs, widespread public safety concerns and business owners like the Politrons trying to find a way to survive
On their way out the door, companies like Nordstrom and Whole Foods have cited deteriorating street conditions and security concerns for their decision to close up shop Downtown.
Meanwhile, every person involved in commercial real estate agrees that the flight of office workers from urban cores broke the dam.
As the property’s custodian, Trident Pacific has the authority to manage, reposition and potentially sell the property. Soon after its appointment, Trident Pacific enlisted real estate firm JLL as its property manager to market vacant spaces to prospective tenants. The firm is also responsible for regularly reporting on the property’s financial position.
The receiver reported that last October, it collected around $740,000 in rent from existing tenants against more than $1.9 million in expenses for the property, a not particularly attractive equation.
The new landlord has also invested in placing additional security guards on every floor
(Excerpt) Read more at sfstandard.com ...
What a weird place to be.
I felt like I was in the Financial Disctrict of San Francisco circa 2020 or the bald face lie of Covid.
I went to the 3rd floor to get this piece of clothing and on my way immediately saw 2/3rds of stores closed and observed the same on the way out.
Theater was gone as well, which is just terrible as that was one beautiful place to see a movie.
I took pictures of 5 floors just completely or nearly empty and sent them to friends.
The agreed it was awful.
There is no way in this mortal coil for that mall to be full again.
I will never go there again.
Newsom is getting it ready for the Chinese.
People do not feel safe in many malls and in their parking lots. Unless that changes, more and more malls will be closing.
Foreshadowing for America if Kamala gets in. She helped create that.
The government of San Fransicko will probably turn the mall into an bunncrash pad and open air toilet to keep the homeless off the street.
I have been to that mall myself in the early 2000s and it was very nice.
They probably should pray for a fire. Turnaround is not going to happen as long as the democrats run everything.
Online retail has killed bricks and mortar malls off. (In Central America where there is no functioning delivery service, malls are still busy and prosperous - indeed they look more upscale than anything I’ve seen in (flyover) America the last 20 years.)
These deluded merchants are pathetically clinging to a long-distant past that will never return.
I have similar malls in my large city. The ones close to or on the city bus routes are the ones failing. The ones close to Section 8 ghettos, too. It’s uncanny.
Malls in the more affluent mid-cities seem to be doing fine.
Eventually online retail won’t be able to keep up when it’s the only game in town. And then we’re really screwed.
“Newsom is getting it ready for the Chinese.”
No doubt, to bulldoze and build “”free”” sky-scraper condos for all of the ‘new citizens’.
“Unless that changes ...”
San Francisco voters could take care of it real quickly.
“Eventually online retail won’t be able to keep up when it’s the only game in town. And then we’re really screwed.”
I wonder.... will things go the way of armed security guards for delivery of all goods, including groceries vs. having physical retail stores. That would fit right into the DS’s goal of control and keeping everyone off the streets and at home... where they can keep an eye on them at all times. No traffic, no need of gas-powered cars OR of extra power grid energy for EVs. Several problems solved by the globalist ghouls.
Assuming any good people actually decide to run for office there.
Nordstrom or Nordstrom Rack (discount)?
“They probably should pray for a fire. Turnaround is not going to happen as long as the democrats run everything.”
Part of the perpetuation of the problem is the government has created nongovernmental organizations that are not responsible to anyone and they’re government funded. Their purpose was that even if the government changed, which seems unlikely, then the policies would not. The state government created this nightmare on purpose. They intend for it to last forever. Is there a better definition of evil?
Just keep voting Democrat! They will fix the economy and build back better unburdened by what has been and save democracy while they are at it!................
Did no one guess that this would happen?
Wasn’t it obvious that safety had to come first?
Suburban shopping areas are mobbed. Shopping far from the clownshows.
Blaming the internet instead of taking responsibility for their own. Poor policies
Crime management failure more than anything killed the malls.
Malls in areas that control cri.e and do not permit clownshows are thriving
There are two kinds of malls:
The malls the white people go to.
The malls the white people used to go to.
-Chris Rock
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