Westfield leaves the mall after operating in the space for more than 20 years, as first reported by the San Francisco Chronicle. The company said its departure is due to “challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy and foot traffic.”
Westfield and partner Brookfield Properties have ceased payments to its undisclosed lender, which will try to find a new operator for the space. Unibail-Rodamco-Westfield, the Paris-based parent company of Westfield, said last year that it planned on selling off its investments in American mall properties so it could focus on its European locations, according to SFGate.
But Nordstrom announcing its intent to leave the mall by later this summer would make the shopping center only 55% occupied. Banana Republic departed last month, with a statement from Westfield saying it was due to a “growing number of retailers and businesses leaving the area due to the unsafe conditions for customers, retailers and employees.”
“We have urged the city to find solutions to the key issues and lack of enforcement against rampant criminal activity,” the statement continued. “The current environment is not sustainable for the community or businesses, and we are hopeful the city will implement the changes that are so urgently needed.”• Matt Delaney can be reached at
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KPIXtv - 🏆 443. / 53 Read more »