One of the last remaining strongholds of San Francisco Centre near Union Square is closing its doors for good.
MILE MARKERS ON THE ROAD TO DETROIT: With Shake Shack’s exit, SF’s most troubled mall is down to one restaurant.
Shake Shack, the burger joint located in the basement food court at 845 Market St., is closing permanently on Dec. 18, according to a Nov. 25 WARN filing to state labor officials.
The closure eliminates 26 jobs and leaves just one remaining restaurant — Panda Express — inside what was once San Francisco’s biggest and most lucrative mall. San Francisco Centre has been hemorrhaging tenants since the summer, which saw the departure of at least six food vendors.
According to the notice, the closure was prompted by the sale of the building and the new owner’s requirement that all tenants vacate the premises. All 26 employees impacted by the closure have been offered continued employment with no break in service, the same title, and the same rate of pay at nearby Shake Shack locations, the notice stated.
Shake Shack’s exit comes on the heels of a rough few years for the beleaguered, 1.5 million-square-foot mall, which has seen a steady decline in foot traffic post-pandemic with the departures of anchor tenants Bloomingdale’s and Nordstrom. It is currently at 9% occupancy.
Oh, and speaking of Bloomingdale’s and Nordstrom in San Francisco Centre: Truth behind death spiral in state’s most famous mall after Nordstrom & Bloomingdale’s closures.
Some famous and notable locations, like the San Francisco Centre in California, have been in turmoil for some time now.
At least 93% of the San Francisco Centre is now vacant, according to Trepp real estate data obtained by The Wall Street Journal.
It’s a nine-level complex that’s losing millions of dollars every year due to struggles with rampant shoplifting, drug use, and homelessness in the surrounding area.
TRAGIC DOWNFALL
These factors have lead many top retailers to leave, with the pandemic dealing a fatal blow after being closed off and on for seven months.
Some, like Nordstrom and Bloomingdale’s held on for longer, but eventually left in the past two years.
The two department store giants held at least 40% of the mall’s space, with slightly smaller tenants like Zara and John Varvatos leaving after.
It was even reported recently that, during one weekday afternoon, security guards, clerks, and janitorial staff outnumbered shoppers.
Gooder and harder, San Fran.