DIRS.INFO The most relevant business & tech news

☆ Malls are using new restaurants to draw consumers as shopping centers reinvent themselves
▼ + stars: | 2024-12-19 | by ( Amelia Lucas | ) www.cnbc.com time to read: +8 min

The slow death of department stores and rise of online shopping have hurt U.S. shopping malls, particularly over the last decade. And landlords are devoting more square footage to restaurants and bars, which have become a bigger draw to visit malls. More than the food courtBrookfield Properties gave the Staten Island Mall's food court a facelift in 2018, with an upgraded look and new restaurants. Food hallsPeople visit a food court in Brooklyn on July 11, 2024 in New York City. While a food court sells fare from national chains, food halls typically stick to local vendors that have few locations.

Persons: It's, David Henkes, Yelp, Chris Brandon, That's, Brandon, Fields, Auntie Anne's, Henkes, James Cook ,, JLL, JLL's Cook, they're, Din Tai Fung, Alison Lin, Tai Fung, Spencer Platt, Cook, Tommaso Bruso, Bruso, haven't Organizations: CNBC, Research, Brookfield Properties, Brookfield, People, Getty, Eataly's, Benetton, Diesel, Panda Express, Factory Locations: Technomic, McLean , Virginia, Christiana Mall, Newark , Delaware, Sugar Land , Texas, Paramus, New Jersey, U.S, Mendocino, Taiwanese, Scottsdale, Arizona, Brea Mall, Southern California, Brooklyn, New York City, Italy, American, Westfield Mall, San Jose , California

☆ Bondi Junction, Site of Stabbing Attack, Is a Popular and Busy Hub
▼ + stars: | 2024-04-13 | by ( Isabella Kwai | More About Isabella Kwai | ) www.nytimes.com time to read: +1 min

Bondi Junction, the area of Sydney, Australia, where Saturday’s stabbings took place, is a bustling hub that regularly draws crowds on weekends. The shopping area’s early development in the 1970s made it one of Australia’s largest development projects. And during a major renovation in 2005, it was known as one of the largest shopping centers in the Southern Hemisphere. An array of small businesses, including cafes and yoga studios, have sprung up in the area, making it an attractive meeting ground. That includes the famous Bondi Beach, which means that on any given weekend, tourists and backpackers are in the mix along with residents of the area.

Persons: Saturday’s stabbings, Chanel, Gucci Organizations: Southern Hemisphere Locations: Sydney, Australia, Westfield, Bondi

☆ American Eagle sues Westfield over San Francisco mall conditions
▼ + stars: | 2023-09-13 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

It shifted all the blame to San Francisco,” American Eagle said in the complaint. American Eagle signed its lease with Westfield in 2017, and it expires in 2028. 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. San Francisco Mayor London Breed has proposed tearing down abandoned retail spaces, including the Westfield mall. As San Francisco’s downtown area has struggled over the last three years, property crimes and retail thefts have risen, according to San Francisco Police Department data.

Persons: “, San Francisco Mayor London Breed Organizations: New, New York CNN, Eagle, Westfield, San Francisco Centre, American Eagle, “ Westfield, Nordstrom, San Francisco, San Francisco Mayor London, CNN, San Francisco Police Department Locations: New York, San Francisco, Westfield, Banana Republic, Union, Francisco’s

☆ It’s not just crime: What’s really going on with San Francisco’s shrinking retail district
▼ + stars: | 2023-08-30 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

Mapping the exodusUnion Square has historically been a major commercial hub in the heart of San Francisco’s downtown. A complicated decline in downtownThe reasons for downtown San Francisco’s economic troubles are multi-faceted. In addition, San Francisco’s downtown has experienced a rise in its unhoused population. As San Francisco’s downtown area has emptied over the last three years, property crimes and retail thefts have risen, according to San Francisco Police Department data. Travel to San Francisco has yet to recover fully to pre-pandemic levels, according to data from San Francisco International Airport.

Persons: —, ”, Elon Musk, Tesla, Francisco, “, Lori Lincoln, San Francisco —, Lincoln, Breed, Alexander Quinn, Breed’s, Sarang Peruri Organizations: Los Angeles CNN, Lease, Google, city’s, Nordstrom, CNN, Westfield, San Francisco Centre, KGO, University of California, San Francisco Police Department, San Francisco International, San Francisco Travel, Tourism, San, Oxford Economics, Asia hasn’t, San Francisco Mayor London, Francisco’s, Oxford Capital Group, Ikea, IKEA Locations: Francisco’s, United States, San Francisco’s, Union, Westfield, San Francisco, San, California, Redfin, Palo Alto, Asia, Americas, Europe, Pacific, San Mateo, Lincoln, China, Downtown, Chicago

☆ Westfield owner bets on ad sales at its EU shopping malls
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

URW, which runs 78 shopping centres in 12 countries, launched its in-house retail media agency for Europe, Westfield Rise, in October last year to bring its advertising offerings under one banner. Westfield Rise contributed 19.6 million euros in net margin for the group over the first half of this year, up 14% compared to the first half of 2022, URW said on Thursday. The mall owner has 1,700 digital billboards in its shopping centres across Europe, and 170 dedicated spaces which it markets as offering brands "physical" contact with consumers. URW has been disposing of shopping centres in the U.S., including in downtown San Francisco where it expects a foreclosure of its Westfield mall near the troubled Tenderloin district. "The idea is really to reduce our exposure to the U.S., and to be a pan-European pure play," Tritant said.

Persons: URW, Jean, Marie Tritant, Tritant, Helen Reid, Alison Williams Organizations: Westfield, Rise, Thomson Locations: Westfield, Europe, United States, U.S, San Francisco, Tenderloin

☆ Working from home could wipe $800 billion from office values globally
▼ + stars: | 2023-07-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Remote work risks wiping $800 billion from the value of office buildings in major cities worldwide by 2030 as the post-pandemic trend pushes up office vacancy rates and drives down rents, according to a new report. “Urban real estate in superstar cities around the world faces substantial challenges. In a more severe scenario, the value of office space could fall by as much as 42%, the consultancy said. Waning demand for office space has driven down landlords’ asking rents, with US cities suffering the sharpest falls, McKinsey found. In a moderate scenario, demand for office space could be 13% lower by the end of the decade than it was in 2019.

Persons: ” McKinsey, “, ” Organizations: London CNN, McKinsey Global Institute, HSBC, ” McKinsey, McKinsey, Bloomberg’s Technology, San Francisco Mayor London Breed, Westfield Locations: Canary Wharf, Beijing, Houston, London , New York, Paris, Munich, San Francisco, Shanghai, Tokyo, United States, Francisco and New York

☆ The oldest craft brewery in the US is officially out of business, closing yet another chapter in San Francisco's vanishing history
▼ + stars: | 2023-07-13 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +4 min

Anchor Brewing, a cornerstone of San Francisco history, is shutting down after 127 years. Anchor Brewing is the latest casualty of a city that is increasingly pricing out its businesses and residents. With its closure, Anchor joins a long list of historical businesses vanishing from San Francisco. The San Francisco Standard reported that at least 17 retailers — including Nordstrom, Office Depot, and Old Navy — exited the city's downtown area since 2020. dark, dark day for san francisco beer drinkers."

Persons: Anchor, —, Old Navy —, Reddit, Peter Hartlaub Organizations: Brewing, Service, CNN, Anchor Brewing, California Gold Rush, Brewer's Association, San Francisco Standard, Nordstrom, Old Navy, Twitter, San Francisco Locations: Francisco, Wall, Silicon, Westfield, United States, Sapporo, California, Vinepair, America, San Francisco, francisco

☆ San Francisco mayor proposes tearing down Westfield Mall
▼ + stars: | 2023-06-23 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

CNN —San Francisco’s mayor Thursday proposed remaking the city’s struggling downtown by tearing down abandoned retail space, including the city’s Westfield mall, and building new structures to reshape the struggling city. A Westfield Mall could become something completely different than what it currently is,” she said. Earlier this month, Westfield said it planned to surrender its mall, the San Francisco Centre, back to its lender. The mall operator cited the “challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy and foot traffic.”Shoppers walk through the Westfield San Francisco Centre on April 13, 2022 in San Francisco, California. So, let’s make some adjustments to do everything we can to reimagine what parts of San Francisco can be,” Breed said.

Persons: London Breed, Breed’s, it’s, Breed, ”, Justin Sullivan, ” Breed Organizations: CNN, Westfield, ”, London, Bloomberg’s Technology, San Francisco Centre, Westfield San Francisco Centre, Resorts, Hilton San Francisco, Square, San Francisco, San Locations: Francisco’s, San Francisco, San Francisco , California, city’s, ”

☆ Empty offices, abandoned malls, concerns over crime: Why San Francisco, the Golden City, is losing its luster
▼ + stars: | 2023-06-17 | by ( Al Yoon | ) www.businessinsider.com time to read: +8 min

Days later, Unibail-Rodamco-Westfield and coowner Brookfield gave the San Francisco City Centre back to their lenders after the exit of retailers left the mall just over half occupied. Whatever is going on in San Francisco, we are not interested in being part of that any longer." Fear of crime taints the cityCrime, or the fear of it, often creeps into conversations about San Francisco, too. "I ask, what's the driver" of the San Francisco office vacancies, Scavone told Insider. He continued: "Is it because downtown San Francisco is somewhat of a difficult commute from suburbs in Marin County or the East Bay?"

Persons: Manus Clancy, Trepp, —, Brookfield, Clancy, Salesforce, Jeff Burg, he's, Burg, we're, Thomas Baltimore, hasn't, Elon Musk, Bob Lee, Frank Scavone, Scavone Organizations: Service, San Francisco, California, Hilton San Francisco, Square, Parc, San Francisco City Centre, San, Krea, Union, Census, LinkedIn, Park Hotels, Resorts, Westfield, ABC, San Francisco Travel Association, Elon, Foods, The New York Times, McKinsey & Co, downtown Locations: San Francisco, San, San Francisco Chronicle, Westfield, Real, Francisco, New York, cubicles, Boston , Chicago, Houston, Miami, San Francisco's Hayes Valley, Manhattan, Tenderloin, —, downtown San Francisco, Marin County

☆ Cinemark is shutting its theater in San Francisco's biggest mall as the downtown exodus continues
▼ + stars: | 2023-06-15 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

The Cinemark in San Francisco's Westfield mall is closing due to "local business conditions." Major retailers have been pulling out of San Francisco, and many have attributed it to crime levels. The 52,000-square-foot site in the Westfield San Francisco Center will have its final screenings on Thursday, SFGATE reported. The operator announced the closure in an email to patrons on Wednesday, The San Francisco Examiner reported. The announcement came just days after The San Francisco Chronicle reported that Westfield had stopped paying its $558 million mortgage on the San Francisco mall – the city's biggest – and was surrendering it to lenders.

Persons: —, SFGATE, Cinemark, hasn't Organizations: Westfield, Service, Westfield San Francisco, San Francisco Examiner, San Francisco Centre, San Francisco Chronicle, San, Foods, Navy, Nordstrom, City, San Francisco Police Department, Census Bureau, Tourism Locations: San, Westfield, San Francisco, City and County, Florida, San Francisco's

☆ San Francisco's downtown just entered a new phase of its crisis as the city's most prominent shopping mall goes bust
▼ + stars: | 2023-06-12 | by ( Alistair Barr | ) www.businessinsider.com time to read: +3 min

The Westfield mall used to be the beating retail heart of San Francisco. Westfield stopped paying the mortgage on this shopping mall, the San Francisco Chronicle reported. For teachers, nurses and a host of other workers in San Francisco, it's become really hard in recent years. One of the biggest fissures so far was reported by the San Francisco Chronicle on Monday. In a nutshell, there are just not enough people living and working in downtown San Francisco anymore.

Persons: —, it's, Roland Li Organizations: Westfield, San Francisco Chronicle, Service, San Francisco, Nordstrom Locations: San Francisco

☆ Nordstrom is the latest retailer to leave San Francisco
▼ + stars: | 2023-05-03 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

Nordstrom’s exit dealt another blow for San Francisco, as several well-known chains have closed in the city. Incidents of theft in San Francisco have gained national attention, though crime has generally fallen over the past six years. Property crimes in San Francisco have garnered national attention because of several attention-grabbing videos of thieves in action. In total, there were 56 homicides in San Francisco in 2022, which is the same number of homicides the city saw in 2021. For starters, remote work following the pandemic has caused a decrease in foot traffic in major US downtowns, including San Francisco.

☆ The retail apocalypse isn't over: it's coming back to bite department stores, experts warn
▼ + stars: | 2022-12-15 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Sales are stalling in 2022, but department store closures have stayed flat since early 2021. "These trends are likely not good for department stores as both luxury companies as well as off-price retailers compete directly with department stores," UBS analysts Jay Sole, Mauricio Serna, Shoshana Pollack, and Tiffany Agard wrote. Department stores like Nordstrom and Kohl's were left with too many stores as consumer spending wanes. Things didn't improve for department stores during the start of the holidays shopping season. According to Commerce Department data, November department store sales were down nearly 3% from last year, and UBS analysts predict department store sales will "remain under pressure" in the first half of 2023.

Search resuls for: "Westfield Mall"

13 mentions found