Once a flagship Westfield destination in central San Francisco valued in the billions, the former Westfield Emporium has been sold at auction for a fraction of its past value.
For Australian readers, it is worth noting that while the US centres have struggled, the Australian and New Zealand Westfield centres remain under different ownership and continue to trade.
Westfield’s Australian operations are now owned and managed by Scentre Group, while the overseas centres sit under separate entities, which is why this San Francisco property is not connected to the Australian business.
Now known as San Francisco Centre, the property is largely empty, with most shopfronts sealed off and long stretches offering little more than blank walls.
CBS News reported that visitors to the mall, including Romel Pacheco, said the atmosphere felt unusual.
“You expect a standard shopping centre, but it doesn’t feel like that at all,” he said.
His friend, Erick Linares, remarked that despite the scale of the seven-storey building, only a few stores were open.
The shift towards online retail during the pandemic hit the centre hard.
By 2023, the ownership group—which included Westfield’s former US arm and Brookfield Properties—stepped away from the asset. Since then, more retailers have departed.
San Francisco local Paula Reinda said each visit reveals further decline.
“It used to be so busy you could barely move,” she said, recalling her time running a music store there in the late 1990s. “Seeing it now is difficult.”
The downturn eventually left the lenders, Deutsche Bank and JP Morgan Chase, in charge.
The once billion-dollar complex went to auction, and the banks acquired it for just USD $133 million (around AUD $205 million).
Complicating matters further, part of the land beneath the centre belongs to the San Francisco Unified School District.
Negotiations are reportedly underway for a new ground lease, and CBRE has been appointed to seek a buyer.
CBRE Executive Vice President Kyle Kovac issued a statement suggesting the property could still play a role in the city’s economic recovery, citing population growth and interest from technology and AI firms.
Not everyone is persuaded. Local resident Neil Wotherspoon continues to visit for the Panda Express outlet in the basement, which remains one of the few spots that attracts steady foot traffic.
“I think they’ll be the last ones to switch the lights off,” he said.
