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San Francisco Centre

All articles tagged with #san francisco centre

business2 years ago

"San Francisco's Largest Mall Faces Ongoing Exodus as Stores Close and Value Plummets"

San Francisco Centre, formerly known as Westfield, continues to experience a trend of store closures, with Adidas, Aldo, Hollister, J. Crew, Lucky Brand, and Madewell all announcing the closure of their respective locations at the once-flagship mall of the Bay Area. The mall's value has decreased by almost $1 billion, and despite some retailers opening in the Union Square area, the future of the San Francisco Centre remains uncertain.

via KRON4|
#business#mall#retail
business-real-estate2 years ago

"San Francisco Mall Suffers Fifth Store Closure in Rapid Decline"

San Francisco Centre, the city's largest shopping mall, is facing a crisis as it has lost five retailers in the past month, bringing its occupancy rate down to just 25%. The mall's value has plummeted by $1 billion, and its owners have defaulted on a $558 million mortgage due to declining foot traffic and sales exacerbated by the pandemic. A receiver has been appointed to manage the property, and there are proposals to redevelop it into a soccer stadium. The city's broader issues, including crime, homelessness, and housing shortages, have also contributed to the mall's struggles.

via New York Post |
#business-real-estate#mall-occupancy#property-value
business2 years ago

San Francisco's Westfield Mall Loses Movie Theater and Shopping Giant in Major Departure

The Century San Francisco Centre 9 and XD theater will be closing permanently after its current lease with the mall ends, the theater’s owner Cinemark, confirmed. Cinemark is the first company to announce it will be departing the mall space since Westfield’s announcement to transfer the management of the shopping center to its lender. Nordstrom announced in May that the company would not renew its lease due to “unsafe conditions” in the city. San Francisco has faced challenging economic conditions since the onset of the COVID-19 pandemic.

via KRON4|
#business#cinemark#covid-19