Another massive company decides to pack up and leave San Francisco amid crime surges and unsafe conditions.
Property giant Westfield is leaving the largest mall in San Francisco, telling Fox Business it stopped paying off its $558 million loan to operate at the location.
Westfield said the following in a statement:
For more than 20 years, Westfield has proudly and successfully operated San Francisco Centre, investing significantly over that time in the vitality of the property.
Given the challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy, and foot traffic, we have made the difficult decision to begin the process to transfer management of the shopping center to our lender to allow them to appoint a receiver to operate the property going forward.
Many of us can assume what the company means by “challenging operating conditions.” As a California native, I have watched what was once a beautiful area deteriorate over time due to rising crime, homelessness and overall expenses. As a result, companies will continue to take their businesses elsewhere to avoid these problems.
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This decision followed Nordstrom’s departure from its two downtown San Francisco locations in May, including one in the Westfield Mall. According to a statement reported by the Daily Wire, Nordstrom blamed “unsafe conditions” and “lack of enforcement against rampant criminal activity” for its removal.
Nordstrom Chief Stores Officer Jamie Nordstrom noted, “the dynamics of the downtown San Francisco market have changed dramatically over the past several years, impacting customer foot traffic to our stores and our ability to operate successfully.”
Is it safe to assume that San Francisco is where dreams go to die? You have to wonder which business is next to recognize the failures of San Francisco politics.
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