Posted on 06/12/2023 7:23:13 PM PDT by Morgana
San Francisco's struggling downtown has been dealt another blow with the news that Westfield is abandoning its massive mall - the biggest in the city - amid a plunge in sales sparked by the pandemic.
Westfield has stopped making payments on a $558 million loan, and is handing it back to their lender, who will appoint a receiver. It will remain open for now.
The decision is sparked in large part by the decision from Nordstrom, the mall's anchor tenant, to close in August.
Last month, Westfield blamed 'unsafe conditions' and 'lack of enforcement against rampant criminal activity' in part for Nordstrom's departure from the mall.
Westfield said the 'unprecedented' poor performance in San Francisco was a sharp contrast to the rest of its properties.
San Francisco Centre generated $455 million in sales in 2019, before the pandemic.
Last year, sales were down about a third to $298 million.
Nordstrom occupied 312,000 square feet in the mall: when it closes, Westfield San Francisco will only be 55 percent leased.
Other Westfields are on average 93 percent leased.
The mall is a smart and upmarket building, whose other retailers include Bloomingdales, Aesop, Rolex and Sephora.
Westfield's struggles will pile fresh pressure on city leaders, after multiple retailers and hotels shuttered in downtown San Francisco as it continues to battle soaring crime, open drug use and homelessness.
The famously-progressive city has been condemned for its 'harm reduction' policies, which critics say have effectively legalized drug taking. Meanwhile, its police department remains short-staffed after woke lawmakers called for defunding in the wake of George Floyd's murder.
'For more than 20 years, Westfield has proudly and successfully operated San Francisco Centre, investing significantly over that time in the vitality of the property,' the company said.
(Excerpt) Read more at dailymail.co.uk ...
In today’s Powerline Blog, Steven Hayward wrote “This Week in San Francisco’s Doom Loop” and closed with “I’m reminded of an old joke about the Soviet Union that Reagan liked to tell: One Russian says to a pal on the street—’Is this it? Is this full Communism?’ His pal responds: ‘Oh heck no. Things are going to have to get a lot worse.’”
I once stayed with a gf at Fisherman’s Wharf and took the trolley all the way down to Powell where that Nordstrom’s was. It’s a shame because that’s the last big marker of San Francisco’s high class origins.
Every single day.
Refresh my memory. Is it working?
The city has no power to override Proposition 47 or the Boise court order.
Nancy Pelosi could get Congress to act, but Paul is probably still looking for discounted real estate.
San Francisco will need about 40 years of decline, decay and population collapse to purge it and remove the stink of the old era. Only then can it bounce back
I’m thinking along the lines of Detroit
The SF Target, at the Metreon, had no such displays. That was a month ago, before the controversy.
Bye, bye and don’t come back if you want to be safe!
they got what they voted for...
“’Tis but a scratch!”
Lived in SF from 69 to 72. Had a really hot gf. Beautiful city. Shacked up on Nob Hill. Pasta dinners and late night Flamenco shows in North Beach. The Hungry I. Purple Onion on Broadway. Mayor was Joe Alioto. Drinks at Spec’s 12 Adler. Burgers at Clown Alley. Chocolate and Stone Crabs and Sourdough Bread at the Wharf. Guess I was lucky.
There is, surprisingly, high end retail hanging in around Union Square. Neiman Marcus, Saks Fifth Avenue, Tiffany, Louis Vuitton. That’s more of the hub of SF high end retail than the mall w/Nordstrom down on Market.
Screw 'em!
Sell to the Chinese..Poof..Homeless disappear..San Fran becomes a beautiful city, again...Chinese of course, but beautiful....
“I can’t take any pleasure in seeing the Democrats completely ruin a once-great city.” I agree. My grandparents watched the Golden Gate bridge built and felt thankful that no one died building the bridge. Today SF has wonderful churches and Ocean Beach where “you only go surfing when you have to.” The downtown Westfield had nice, curved escalators and a spectacular lobby. Sad to see it close. The leaders are freaks who support everything but the Catholic church.
How does this end? Let’s hear your realistic theories!
The democrats support the criminals. They simply do not care.
Keep voting Democrat.
Is it time to pay the piper yet? Getting close if not. Leftards are gonna start reaping the rewards of their leftardism.
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