Westfield Centre on Monday says they are transferring management of the San Francisco shopping mall to its lender, who will then appoint a receiver to operate the property.
where its brand-new flagship San Francisco store now stands empty. They cited employee safety concerns as the reason for what they call a temporary closure. London Breed
issued a statement reacting to the news of the Westfield. She touched on some of those common threads. "The public safety resources we've dedicated to the area, including ambassadors and police officers remain in place. The stores are still part of our Downtown experience and we will continue to support this area to make it clean, safe, and inviting for everyone," Breed's statement read in part. "This has been something that has been coming for some time.
Last year, Westfield's parent company said they were planning to sell their 24 malls in the United States to focus on their European properties. The mayor touches on the changing landscape of not only retail, but how that could intersect with downtown suffering retail vacancies. Westfield alone said the mall's occupancy level has dropped drastically to 55%. Their national occupancy rate averages around 93%. "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.
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