H&M is preparing to shut down its store in San Francisco Centre, a once-bustling shopping destination on Market Street that's now facing a retail drought. In a statement received by KTVU, the apparel chain confirmed its departure from the largely vacant mall, planning to vacate in January. H&M emphasized their dedication to the area, stating, "We remain committed to our presence in the San Francisco Area and will continue to explore opportunities for the best store locations," also noting their recent expansion with a new outlet at Stonestown Galleria.
San Francisco Centre struggles to retain tenants as the new owners, a consortium of lenders including Goldman Sachs and JPMorgan Chase, who acquired the foreclosed mall for $134 million in November, have instructed the occupancy to clear out, which has led to a noticeable exodus. According to a San Francisco Chronicle report, the mall management, JLL, has not responded to inquiries regarding the future of the establishment, leaving the fate of Panda Express, the last operating restaurant, uncertain.
The trend of retail closures isn't isolated to H&M, as the mall is set to lose more of its remaining establishments like Ecco shoes, Samsonite, and a Shake Shack location, which, as FOX Business reports, will close on December 14, affecting 26 employees. This series of closures constitutes a continuation of the mall's downturn, which became visible when it started to struggle in attracting visitors and maintaining a robust retailer lineup post-pandemic, resulting in a space that's 95% uninhabited.
