Mall operator abandons San Francisco amid retail exodus from city
CBSN
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 Chronicle reported. It will transfer the property's management to a receiver.
The 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.
