Major Mall Operator Abandons Struggling San Francisco

Westfield, the operator of San Francisco's largest shopping mall, is surrendering control of the property to lenders due to plunging sales, occupancy, and foot traffic.
The city's economy has been battered by the pandemic, with many businesses closing and residents leaving for cheaper areas.
Nordstrom and other major retailers have announced closures at the mall, contributing to its downfall.
The potential fallout to banks from distressed commercial real estate is worrying regulators and investors.
Westfield's decision adds to a series of setbacks for San Francisco as companies flee challenging conditions.