People walking around during the last few days of the Nordstrom in downtown San Francisco before it shuttered on Aug. 28., building relationships with them and investing in the local community," the message said. "But as many of you know, the dynamics of the downtown San Francisco market have changed dramatically over the past several years, impacting customer foot traffic to our stores and our ability to operate successfully."Market Street Rack closed earlier this summer.
People walking around during the last few days of the Nordstrom in downtown San Francisco before it shuttered on Aug. 28. The Nordstrom store was situated inside the Westfield San Francisco Centre, which was already facing its share of problems. to FOX Business it was handing the mall back to its lender, citing "challenging operating conditions" in the area that had impacted sales, occupancy and foot traffic. The mall lost other occupants aside from Nordstrom including the Cinemark Century San Francisco Centre 9 and XD movie theater.
Westfield's decision came days after major hotelier Park Hotels & Resorts announced it had stopped making payments on a $725 million loan for its Hilton San Francisco Union Square and Parc 55 San Francisco properties, pointing to several "major challenges" in the city. According to recently published data from the University of Toronto, San Francisco has had the hardest time with its rebound from the pandemic, attaining only 32% of its 2019 traffic. rampant crime"It should come as no surprise that these factors can have a negative impact on businesses and can contribute to the decision to close a specific store location," the NRF said in a May blog post.
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Source: MarketWatch - 🏆 3. / 97 Read more »