What: After more than two decades operating San Francisco Centre, Westfield is handing over the mall’s keys to its lender.

Why it is important:  A spokesperson for shopping center operator Unibail-Rodamco-Westfield announced it is handing over the keys to its lender, after 20 years of operating in the San Francisco Centre, the group has been investing significantly over that time in the vitality of the property.

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.

Westfield is handing over the keys to San Francisco Centre mall