The mall operator’s decision to surrender its San Francisco space comes after several of the mall’s major stores announced closures, including Nordstrom and Banana Republic.to “unsafe conditions for customers, retailers, and employees.”
Once a bustling retail center in the heart of San Francisco, the San Francisco Centre has taken a significant hit in the past few years. Total sales have fallen from $455 million in 2019 to $298 million in 2022, and foot traffic has plunged from 9.7 million visits in 2019 to 5.6 million in 2022, according to Westfield.
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
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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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