The largest mall of San Francisco Now 93% were vacant and experienced 25% of last year, as high rents and detail crime continue to beat the city of northern California.

A new assessment has reduced the value of the Center of San Francisco, located at 865 Market Street, to $ 195 million, which has been a decrease of 25% since August 2024 and more than a billion dollars below its assessment in 2016, the San Francisco Chronicle reportedQuoting Morningsar’s research.

San Francisco’s largest mall loses more retailers as the exodus continues

The 1.4 million square feet The mall has become To a large extent deserted, with 93% of its property now empty, according to San Francisco Chronicle.

Buyers of the Westfield San Francisco Center shopping center in San Francisco, California, USA, on Tuesday, June 13, 2023. (David Paul Morris / Bloomberg through Getty Images / Getty Images)

The Center of San Francisco is also in talks with the landowner for claims to violate lease obligations. This lessee, the Unified School District of San Francisco (SFUSD), is still “committed to productive negotiations with the exclusion lender,” said a spokesman for the San Francisco Chronicle.

Bloomingdale’s to close the store in the center of San Francisco

Six more restaurants in the mall closed this summer, after the Bloomingdale’s April stop, the San Francisco Chronicle reported. Last year, clothing retailer J. Crew, his sister Madewell brand, Shoe Store Aldo and Lucky Brand said they closed their locations in the mall, according to the Post of New York. The departure flight left the mall with only 25% of employment at that time.

A buyer takes Bloomingdale bags to San Francisco, California, USA, on Thursday, July 25, 2024. (David Paul Morris / Bloomberg through Getty Images / Getty Images)

In the meantime, the next place of the Union has been incorporating new retailers Like Nintendo. A new Ross dess for Less Store was also recently opened near the center of San Francisco, highlighting the strong contrast with the struggling mall, reported the San Francisco Chronicle.

Saks Fifth Avenue closed San Francisco’s location after almost 45 years

According to the San Francisco Chronicle, an exclusion auction has been postponed for the center of San Francisco and is now scheduled for September 18.

Golden Gate Bridge is in front of the horizon of San Francisco on March 28, 2024 in Sausalito, California. (Photo of Justin Sullivan / Getty Images / Getty Images)

The global increase in online purchases has significantly reduced the number of consumers who choose to buy in person, which is a change that was accelerated by Covid-19 Pandemic and its consequences. In San Francisco, retailers have faced additional pressures for high rentals and an increase in detail crime, Newsweek reported.

By 2023, shortly after Nordstrom announced that he will leave, above Westfield owners And Brookfield stopped paying for his $ 558 million mortgage, according to San Francisco Chronicle.

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The Center of San Francisco did not immediately respond to Fox Business’s comments request.