One sees more stories about old malls closing during the COVID-19 pandemic, not new ones opening. But San Francisco is about to get a new enclosed shopping center and its very first Ikea store.
Ingka Centres, an Ikea unit that owns and operates 48 malls in Europe and Asia, has acquired the 6 X 6 Building on 945 Market Street, a 375,000-sq.-ft. property that Alexandria Real Estate Equities and TMG Partners opened in 2016, but failed to fill. Ingka has budgeted at least $250 million for the property and its redevelopment.
“This investment and the addition of Ikea will be transformational for our Mid-Market neighborhood, and a welcome reminder that while the present is challenging, San Francisco remains a place businesses want to locate,” said Mayor London Breed.
Source: Chain Storeage
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 