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Search resuls for: "San Francisco’s Union"


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New York CNN —Nordstrom closed the doors of its five-story department store in San Francisco on Sunday, ending a 35-year run as the city suffers a retail exodus. After Nordstrom announced it was closing, shopping mall operator Westfield said it would give up control of its San Francisco mall, citing “challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy and foot traffic.”Once a bustling retail center in the heart of the city, the San Francisco Centre has taken a significant hit in the past few years. Three years later, corporate America has yet to return in the same numbers: Office vacancies in San Francisco have reached a 30-year high. In total, more than 39 retail stores have shuttered in San Francisco’s Union Square area since 2020, according to a tally from Coresight, a market research firm. City leaders are hopeful that the home furniture store will draw shoppers to downtown San Francisco and support other businesses in the area at a time of store closures and rising public safety concerns.
Persons: New York CNN — Nordstrom, Nordstrom, Organizations: New, New York CNN, Sunday, ” Shoppers, CNN, KGO, Nordstrom, Westfield, San Francisco, San, Anthropologie, Ikea Locations: New York, San Francisco, Westfield, Westfield’s, America, San Francisco’s Union
New York CNN —Ikea is opening a new store in downtown San Francisco Wednesday, bucking the trend of retailers closing in the city. Ikea is opening a new store this week in downtown San Francisco at 945 Market Street. While violent crime statistics in San Francisco have remained relatively low in recent years, property crimes have risen since 2020, according to San Francisco Police Department data. Activity this spring in downtown San Francisco, as measured by mobile phone use, was 68% below its pre-pandemic levels, the largest decline of any US city. In June, shopping mall operator Westfield announced it would give up control of its San Francisco mall, citing “challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy and foot traffic.”A month earlier, Nordstrom, one of the biggest retailers in Westfield, said it would shutter both of its San Francisco stores.
Persons: San Francisco Mayor London Breed, Nordstrom, San Organizations: New, New York CNN, Ikea, Shoppers, IKEA, San Francisco Mayor London, San Francisco Police Department, Westfield Locations: New York, San Francisco, San, San Francisco’s Union, Westfield, Francisco
Whole Foods temporarily closed one of its San Francisco locations due to rampant shoplifting and continued threats to workers and customers. Park Hotels and Resorts, the investment firm that owns Hilton San Francisco Union Square and Parc 55 hotels, also recently revealed it would leave the city. A bus drives by the Westfield San Francisco Centre on June 14, 2023 in San Francisco, California. Downtown San Francisco has an estimated 18.4 million square feet of available real estate. While violent crime statistics in San Francisco have remained relatively low in recent years, compared to other major cities, property crimes have risen since 2020, according to San Francisco Police Department data.
Persons: Los Angeles CNN — John Chachas, Governor Newsom, ” Chachas, Chachas, San Francisco “ unlivable, Gavin Newsom, Justin Sullivan, Nordstrom, Thomas Baltimore , Jr, ” What’s Organizations: Los Angeles CNN, London Breed, city’s, San Francisco Chronicle, Chachas, Republican, London, San, Anthropologie, Whole Foods, Westfield, Resorts, Hilton San Francisco, Square, Westfield San Francisco Centre, San Francisco Police Department, University of California Locations: San Francisco, California, Francisco, , Nevada, San Francisco’s, Union, San Francisco’s Union, San Francisco , California, Park, San Francisco's, U.S, Canada, Downtown San Francisco
In an aerial view, cars drive by the San Francisco skyline as they cross the San Francisco-Oakland Bay Bridge on October 27, 2022 in San Francisco, California. Alexander Quinn, senior director of research at commercial real estate company JLL, said his firm sees bright spots in San Francisco’s commercial real estate market as AI companies drive office leasing demand. A shopper exits the Westfield San Francisco Centre shopping mall in San Francisco, California, US, on Tuesday, June 13, 2023. The US Census Bureau reports an estimated 35% of employees in San Francisco and San Jose continue to work from home. “I think the crash is coming, and it hasn’t happened yet,” he added, referring to commercial real estate prices.
Persons: Naveen Rao, CBRE, Justin Sullivan, it’s, ” Rao, San, Alexander Quinn, JLL, ” Quinn, Rao, OpenAI, , “ There’s, MosaicML, Quinn, , Francisco’s, David Paul Morris, Henrique Dubugras, ” Michael Tannenbaum, Tannenbaum, Hans Hansson Organizations: CNN, San, Westfield, San Francisco Centre, Westfield San Francisco, Bloomberg, Getty, London, US, Locations: San Francisco, Southern California, Francisco, Oakland, San Francisco , California, , “ San Francisco, New York, Los Angeles, city’s, San Francisco’s Union, Coresight, Westfield San Francisco Centre, California, Francisco’s, San Jose, decamping, United States
CNN —Shopping mall operator Westfield said it plans to give up control of the San Francisco Centre mall after more than 20 years of operation in another sign of San Francisco’s economic struggles. Last month, a Westfield spokesperson attributed Nordstrom’s closing to “unsafe conditions for customers, retailers, and employees.”Once a bustling retail center in the heart of San Francisco, the San Francisco Centre has taken a significant hit in the past few years. Three years later, corporate America has yet to return in the same numbers: office vacancies in San Francisco have reached a 30-year high. According to a tally from the San Francisco Standard, twenty retailers near San Francisco’s Union Square have closed their doors since 2020. Westfield said it has already begun transferring management of the San Francisco Centre back to its lender, which will appoint a receiver to operate the property going forward.
Persons: Thomas Baltimore , Jr Organizations: CNN, Westfield, San Francisco Centre, Nordstrom, San Francisco, San, Resorts, Hilton San Francisco, Square Locations: San Francisco, Banana, Westfield, Westfield’s, America, San Francisco’s Union, Baltimore
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