Westfield pulling out of downtown San Francisco

[Spartan]

In another big blow to San Francisco’s downtown, Westfield will be pulling out from operating San Francisco Centre’s largest mall. The company had operated San Francisco Centre for more than two decades, but a steep decline in shoppers and an increase in “challenging operating conditions” heavily impacts sales numbers.

A spokesperson for Westfield wrote Monday, “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. Given the challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy and foot traffic, we have made the difficult decision to begin the process to transfer management of the shopping center to our lender to allow them to appoint a receiver to operate the property going forward.”

Westfield listed troubling performance numbers as reasons for its decision to leave San Francisco. Westfield’s spokesperson wrote:

• “We have seen a significant decrease in total sales at San Francisco Centre from $455 million in 2019 to $298 million in Dec 2022 YTD, a period where Westfield Valley Fair in neighboring San Jose experienced a +66% increase in sales, URW’s California Flagships center’s sales increased by +26% and our overall US Flagship sales have increased by +23%.”
• “Since 2019 foot traffic has decreased to 5.6 million visits (Dec 2022 YTD) from 9.7 million, a 43% drop at a time when our US Flagship portfolio has seen a 98% recovery.”
• “The center’s occupancy level has decreased dramatically to approximately 55% including already announced closures of tenants such as Nordstrom, Banana Republic and others.  Our US Flagship portfolio occupancy averages around 93%.”

Mayor London Breed told KRON4 on Monday that the move was not unexpected.

“This has been something that has been coming for some time. We’ve had numerous conversations with Westfield about the future of this site, and it’s been clear that they did not have a long-term commitment to San Francisco. With new management, we will have an opportunity to pursue a new vision for this space that focuses on what the future of Downtown San Francisco can be,” Mayor Breed wrote.

Breed continued, “Whether that’s attracting new types of business, or educational institutions, or creating a totally different experience, we need to be open to what’s possible. Retail is changing, and we will adapt to diversify and better use spaces in our Downtown area.”

Stores at the mall will remain open and operate under new management, the mayor said.

“The public safety resources we’ve dedicated to the area, including ambassadors and police officers, remain in place. The stores are still a part of our Downtown experience and we will continue to support this area to make it clean, safe, and inviting for everyone,” Breed wrote.

Community ambassadors will continue to be posted on Market Street, between 4th and 5th streets, Hallidie Plaza, and by the Powell Street BART station.

[Aquaman]

 

[Aquaman]

 

[Aquaman]

 

[VAAMPlRE]

28 minutes ago, Spartan said:

In another big blow to San Francisco’s downtown, Westfield will be pulling out from operating San Francisco Centre’s largest mall. The company had operated San Francisco Centre for more than two decades, but a steep decline in shoppers and an increase in “challenging operating conditions” heavily impacts sales numbers.

A spokesperson for Westfield wrote Monday, “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. Given the challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy and foot traffic, we have made the difficult decision to begin the process to transfer management of the shopping center to our lender to allow them to appoint a receiver to operate the property going forward.”

Westfield listed troubling performance numbers as reasons for its decision to leave San Francisco. Westfield’s spokesperson wrote:

• “We have seen a significant decrease in total sales at San Francisco Centre from $455 million in 2019 to $298 million in Dec 2022 YTD, a period where Westfield Valley Fair in neighboring San Jose experienced a +66% increase in sales, URW’s California Flagships center’s sales increased by +26% and our overall US Flagship sales have increased by +23%.”
• “Since 2019 foot traffic has decreased to 5.6 million visits (Dec 2022 YTD) from 9.7 million, a 43% drop at a time when our US Flagship portfolio has seen a 98% recovery.”
• “The center’s occupancy level has decreased dramatically to approximately 55% including already announced closures of tenants such as Nordstrom, Banana Republic and others.  Our US Flagship portfolio occupancy averages around 93%.”

Mayor London Breed told KRON4 on Monday that the move was not unexpected.

“This has been something that has been coming for some time. We’ve had numerous conversations with Westfield about the future of this site, and it’s been clear that they did not have a long-term commitment to San Francisco. With new management, we will have an opportunity to pursue a new vision for this space that focuses on what the future of Downtown San Francisco can be,” Mayor Breed wrote.

Breed continued, “Whether that’s attracting new types of business, or educational institutions, or creating a totally different experience, we need to be open to what’s possible. Retail is changing, and we will adapt to diversify and better use spaces in our Downtown area.”

Stores at the mall will remain open and operate under new management, the mayor said.

“The public safety resources we’ve dedicated to the area, including ambassadors and police officers, remain in place. The stores are still a part of our Downtown experience and we will continue to support this area to make it clean, safe, and inviting for everyone,” Breed wrote.

Community ambassadors will continue to be posted on Market Street, between 4th and 5th streets, Hallidie Plaza, and by the Powell Street BART station.

Nice 

[VictoryTDP]

Good 

[Spartan]

“This has been something that has been coming for some time. We’ve had numerous conversations with Westfield about the future of this site, and it’s been clear that they did not have a long-term commitment to San Francisco. With new management, we will have an opportunity to pursue a new vision for this space that focuses on what the future of Downtown San Francisco can be,” Mayor Breed wrote.

 

 

 

a new vision inkemuntade donga munda.....janalki apanaga homeless shelter lu ippinchu mall mottam.....ade kada ne vision 

[Thokkalee]

11 minutes ago, Spartan said:

“This has been something that has been coming for some time. We’ve had numerous conversations with Westfield about the future of this site, and it’s been clear that they did not have a long-term commitment to San Francisco. With new management, we will have an opportunity to pursue a new vision for this space that focuses on what the future of Downtown San Francisco can be,” Mayor Breed wrote.

 

 

 

a new vision inkemuntade donga munda.....janalki apanaga homeless shelter lu ippinchu mall mottam.....ade kada ne vision 

City rent ki thiskuni homeless people ki shelter provide chestundemo

[Spartan]

1 minute ago, Thokkalee said:

City rent ki thiskuni homeless people ki shelter provide chestundemo

vere hotels lo ade chesindi during covid times...

people are still not leaving...and they cannot use force to vacate them

[MiryalgudaMaruthiRao]

7 minutes ago, Spartan said:

vere hotels lo ade chesindi during covid times...

people are still not leaving...and they cannot use force to vacate them

good

[TOM_BHAYYA]

Next bayArea ki ochestham antunna brothers 

[Vaaampire]

Good decision.

homeless & el gee bb ttt ki adda ayipoyindi sf

[tennisluvrredux]

9 minutes ago, Vaaampire said:

Good decision.

homeless & el gee bb ttt ki adda ayipoyindi sf

Woke culture will eat itself, it's a virus that destroys itself. 

San Francisco is just the host for now, once it destroys SF it will move on to the next target

[MiryalgudaMaruthiRao]

black lives matter

[MiryalgudaMaruthiRao]

Just now, tennisluvrredux said:

Woke culture will eat itself, it's a virus that destroys itself. 

San Francisco is just the host for now, once it destroys SF it will move on to the next target

what will happen to million $s homes ani @ARYA  @Spartan and @Vaampire asking