Major mall operator Westfield has relinquished control of its San Francisco shopping center to its lenders, joining a growing list of companies exiting the city as it struggles with a rise in crime and high vacancy rates.
Westfield's parent company stopped paying its $558 million outstanding mortgage, the San Francisco ChronicleThe Westfield San Francisco Centre, located in the heart of the city's Union Square retail district, is San Francisco's largest mall. But in recent months it has witnessed an exodus of retail tenants, including its largest, Nordstrom, which plans to leave the property in August. The mall's occupancy currently sits at just 55%, and foot traffic and sales are also falling.
"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 said in a statement to CBS Bay Area.
During the three years ending in December 2022, the Westfield mall's sales plummeted to $298 million from $455 million, CBS Bay Area
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