San Francisco’s Westfield mall was for decades the city’s premier shopping destination, a nine-story complex in the heart of downtown known for its iconic glass dome and spiral escalators.
These days, the property is struggling with empty storefronts and falling foot traffic — so much so that owners Unibail-Rodamco-Westfield and Brookfield Corp. are giving the mall up to lenders, underscoring the wider challenges for brick-and mortar retail. Last weekend brought a particularly deep blow: the anchor Nordstrom Inc. store closed after 35 years.
“Silicon Valley is a net winner from the pandemic,” said Nick Bloom, an economist at Stanford University who coined the term “donut effect” to describe how urban centers are losing their appeal while suburbs are flourishing.San Francisco’s downtown is lagging behind every other major US city in its post-pandemic recovery. Its office vacancy rate has surged to 30% as tech companies opt for remote work, downsize or move away.
Cities across the Bay Area are struggling with high housing costs — with the median home price in the region topping $1 million — along with a homelessness crisis and the departure of residents to cheaper areas. In a sign of frustration over mounting challenges as well as the tech industry’s deep roots in the region, a group of prominent investors are backing the purchase of thousands of acres of farmland to build a new urban oasis about 50 miles northeast of San Francisco.
The transit crisis is just a symptom of the city’s larger fiscal woes. Overall, San Francisco is facing a $780 million budget shortfall and Moody’s in July lowered its credit rating outlook to negative.
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