Westfield hands over San Francisco's flagship mall to lender as city center retail crumbles

San Francisco's downtown has seen major retailers flee in recent months due to unsustainable rent costs and low foot traffic.
The closure of Westfield's San Francisco Centre mall signifies severe challenges for downtown San Francisco's retail sector.
Along with the mall, the Nordstrom anchor store and two major hotels in the area have also recently closed or been surrendered.
Westfield had intended to sell the property but ultimately had to turn it over to its lender as commercial real estate values downtown have plunged.
The mall's future remains uncertain, but reviving it will require creative solutions to restore revenue and visitors, a process that could take several years.