San Francisco Business Leaders, Economists Admit Stores Shutterings ‘Serious Problem’
View Source | May 29, 2023 6:24 pm
- Conservative media has sounded the alarm with every story closing on Union Square in downtown San Francisco, among the most liberal cites in the U.S.
- The list of recent closings include two Nordstrom stores, a Saks Off 5th, T-Mobile’s flagship and Old Navy.
- But the exodus is “serious” concern for some business leaders and economists, reports The Los Angeles Times.
- According to data from the commercial real estate services firm Cushman and Wakefield, the contributing factors are a reductions in consumer spending, disruptions in the supply chain, high operation costs and public safety.
- The city’s retail vacancy rate is now its highest since 2006.
- “It’s a very serious problem for the whole city, much less downtown,” Jeff Bellisario, executive director of the Bay Area Council Economic Institute, told the newspaper.
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