San Francisco Centre, once among the Bay Area’s top-performing shopping complexes, is now nearly deserted. More than 93% of its 1.5 million square feet sits empty, according to real estate data, with flagship stores like Nordstrom and Bloomingdale’s gone. Once a hub of high-end retail, the nine-level complex is now bleeding millions of dollars a year, making it one of the starkest examples of America’s mall crisis, the Wall Street Journal reported.
The pandemic and its aftermath
The mall’s troubles deepened during the pandemic, when lockdowns forced it to close for months. Even after reopening, foot traffic never recovered. Rising homelessness, open drug use, and repeated incidents of shoplifting inside the building discouraged both shoppers and retailers. As San Francisco saw a wave of population decline and remote work, many brands relocated to Union Square or left the city altogether, leaving San Francisco Centre with little chance to bounce back.
From powerhouse to ghost town
Before the crisis, the mall was a standout performer, generating over $1,000 in sales per square foot—placing it among the top malls nationwide. Nordstrom and Bloomingdale’s anchored its success, while nearly 200 stores thrived under the glass dome built in 1908. Today, barely 20 shops remain open. Security guards and janitorial staff often outnumber visitors, and even those who come find few options. A shoe store clerk described shoplifting as a daily occurrence that worsened once the mall emptied out.
Financial collapse and ownership struggles
The mall’s financial picture has deteriorated as sharply as its tenant list. Its former owners, Unibail-Rodamco-Westfield and Brookfield Properties, walked away from the property in 2023, turning it over to lenders after failing to cover mortgage payments. The property is now worth just under $200 million, far below the $558 million loan tied to it. A foreclosure auction has been repeatedly delayed, and few analysts believe the site can survive as a mall much longer.
A city recovering without its mall
The contrast between San Francisco’s broader rebound and the mall’s decline is striking. The city is seeing a surge of investment in artificial intelligence, rising apartment rents, and new life in Union Square, where luxury watchmakers and global retailers are opening flagship stores again. But Market Street, where San Francisco Centre stands, remains scarred by vacant storefronts. Analysts say the mall’s ownership structure and complicated land lease with the local school district make redevelopment difficult, limiting prospects for a turnaround.
The future of San Francisco Centre
The mall lost an estimated $20 million last year, down from a $44 million profit just six years ago. Unlike many struggling malls, it remains clean and well-maintained, with polished marble floors and a grand atrium that some residents now use as a quiet meditation space. Still, few expect it to remain a shopping destination for long. Its collapse tells a broader story about how online shopping, urban challenges, and shifting consumer behaviour are reshaping America’s retail landscape.
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