San Francisco's Biggest Mall Is 93% Empty as Valuation Plummets: Report
Summary
San Francisco's biggest mall, the San Francisco Centre, is now 93% empty as more people shop online instead of going to stores. The mall's value dropped significantly, losing over $1 billion since 2016, partly due to rising online shopping and other local challenges.Key Facts
- San Francisco Centre was valued at $195 million, a 25% decrease from August last year and over $1 billion since 2016.
- The mall is 93% empty due to a decline in in-store shopping.
- Major tenant Nordstrom left, citing changes in the downtown San Francisco market.
- High rents and increased retail crime are challenging for San Francisco's stores.
- The owner, San Francisco Unified School District, is negotiating lease issues with the mall's management.
- Conversion to housing is difficult due to the mall's layout and lease terms.
- Foreclosure auctions for the mall have been delayed several times, with the next scheduled soon.
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