Shopping mall operator Westfield said it plans to give up control of the San Francisco Centre mall after more than 20 years of operation in another sign of San Francisco’s economic struggles. The company attributed its decision to the “challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy and foot traffic.
Westfield’s exit marks another significant setback for San Francisco, which saw its economy hit hard by the pandemic as many Silicon Valley companies allowed flexible work-from-home policies, resulting in many white-collar workers filtering out of the city. Three years later, corporate America has yet to return in the same numbers: office vacancies in San Francisco have reached a 30-year high. Westfield is just the latest high-profile business to abandon the city.
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Westfield begins withdrawal from San Francisco Centre, adding to ongoing business exodus from cityWestfield is surrendering control of its namesake shopping center in the heart of downtown San Francisco to its lender, according to a published report, adding to the exodus of major companies and retailers leaving the city.
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