After more than two decades operating San Francisco Centre, Westfield is handing over the mall’s keys to its lender, a spokesperson for shopping center operator Unibail-Rodamco-Westfield said by email Tuesday.
Annual sales at the mall plummeted from $455 million in 2019 to $298 million in 2022, per the email. In that time, sales at Westfield’s Valley Fair mall in nearby San Jose rose 66% and the company’s overall U.S. flagship sales rose 23%.
Also in that time, foot traffic declined 43% to 5.6 million visits from 9.7 million, while the U.S. portfolio saw a 98% recovery. Occupancy also fell some 55% — including the recent closures of Nordstrom and Banana Republic — while the portfolio averages about 93%, the spokesperson said.RetailDive