5 Shocking Facts About The San Francisco Centre's Collapse: From Flagship Mall To 93% Vacant 'Dead Mall'
The San Francisco Centre, once the crown jewel of downtown retail and a flagship property for Westfield, is now a powerful symbol of the city's commercial real estate crisis, with its value plummeting and its halls sitting nearly empty.
As of late December 2025, the massive complex—recently rebranded as the Emporium Centre—has been officially designated a "dead mall" by analysts, its occupancy rate having dropped to a staggering 93% vacant, following a dramatic foreclosure and mass tenant exodus. This article provides the most current, up-to-date look at the stunning collapse of the iconic Market Street property, detailing its history, the new ownership, and the bleak outlook for its future.
The Dramatic Timeline of San Francisco Centre's Rise and Fall
The history of the San Francisco Centre is a story of ambitious modernization built upon a historic foundation, making its current state all the more shocking. This timeline details the major milestones of the property, from its origins as a grand department store to its ultimate demise as a modern shopping center.
- 1896: The Emporium Opens. The site's original structure, The Emporium, was a grand department store that anchored the Market Street shopping district for decades.
- 1980s: The First Rebirth. The site was redeveloped into a multi-story shopping mall, incorporating the building's historic architecture.
- 1999: The Nordstrom Era Begins. Nordstrom, the luxury anchor tenant, moved into the space, cementing the mall's status as a top-tier retail destination.
- 2002-2004: The $460 Million Redevelopment. A massive renovation project, costing $460 million, transformed the property into the modern Westfield San Francisco Centre. The project involved a partnership between Unibail-Rodamco-Westfield and Forest City.
- 2023: The Exodus and Handover. In a stunning move, the owners, Unibail-Rodamco-Westfield and Brookfield Properties, announced they would stop making payments and turn the keys over to the lenders, citing challenging downtown conditions. Nordstrom also announced its departure, leaving a massive vacant anchor space.
- Late 2024: Foreclosure and Rebranding. Lenders, including Goldman Sachs and JPMorgan Chase, foreclosed on the property's $560 million loan. The mall was subsequently rebranded from Westfield San Francisco Centre to the Emporium Centre, a nod to its historical name.
- Late 2025: The 'Dead Mall' Status. Following the foreclosure auction, the new owners told remaining tenants to vacate, leading to the H&M closure and leaving the mall nearly empty. Its value was slashed dramatically.
The Foreclosure, Plunging Value, and the New Emporium Centre Name
The financial unraveling of the San Francisco Centre is unprecedented for a property of its size and former prestige. The dramatic shift in ownership and the subsequent rebranding reflect a desperate attempt to salvage a colossal asset in a rapidly deteriorating downtown retail environment.
The $1 Billion Value Plunge and 93% Vacancy Rate
The most alarming recent development is the official reappraisal of the property. Once valued significantly higher, a new appraisal in late 2024 slashed the value of the 1.5 million-square-foot mall to just $195 million. This figure represents a staggering 25% decrease since August 2024 alone and a massive plunge from its former valuation, highlighting the severity of the downtown retail crisis.
The physical state of the mall mirrors this financial collapse. The occupancy rate has cratered to approximately 7%, meaning the property is now 93% vacant. This situation was accelerated by the new owners—a consortium of lenders—who, after gaining control in a November foreclosure auction, began pushing out the few remaining tenants in an effort to slash operating costs.
The Mass Exodus of Anchor and Key Tenants
The departure of major retailers has been the primary driver of the mall's collapse. The loss of Nordstrom, which vacated its massive, multi-level space, left a void that was impossible to fill. Unlike other regional malls, which have found replacements like entertainment venues (e.g., Round1 at Stonestown Galleria), the sheer scale and downtown location of the former Nordstrom space make its redevelopment a monumental challenge.
The final blow came in late 2025 when major remaining tenants like H&M confirmed their closure after being told to vacate the property by the new ownership. As of late 2025, the once-bustling shopping destination was reportedly down to just a handful of businesses, with one report noting only two restaurants remained open, including a Panda Express.
The Uncertain Future of the Emporium Centre and Downtown Retail
The former Westfield San Francisco Centre, now the Emporium Centre, stands at a critical juncture. Its fate is inextricably linked to the broader health of the Market Street corridor and the city's ability to repurpose vast, empty commercial spaces.
Redevelopment Speculation: Housing or Entertainment?
With the retail model clearly failed, the primary discussion around the Emporium Centre's future revolves around adaptive reuse. The immense size of the complex, which includes a significant office component, makes a complete overhaul necessary.
Potential redevelopment options include:
- Residential Conversion: Converting the vacant office and upper retail floors into residential housing is a popular idea for revitalizing downtown spaces. However, the structural challenges and costs associated with converting a massive mall structure are substantial.
- Mixed-Use Entertainment: A less likely, but still possible, path involves transforming the space into a unique mixed-use facility centered on entertainment, cultural spaces, or experiential retail—a model that has seen success in other struggling malls.
- Complete Demolition: Given the severe drop in value and the high cost of renovation, some analysts have not ruled out the possibility of a complete tear-down and fresh start, though this is considered a last resort.
The new ownership group has signaled an intent to slash costs, and their long-term strategy remains unclear, with the property's sale delayed multiple times throughout 2024.
The Broader Downtown San Francisco Context
The collapse of the Emporium Centre is not an isolated event but a stark reflection of a wider downtown San Francisco retail crisis. Factors contributing to this environment include:
- Reduced Foot Traffic: The shift to remote work has drastically reduced the daytime population of office workers, who were the lifeblood of downtown retail.
- Safety and Security Concerns: Perceived issues with public safety and retail theft have been cited by departing retailers as major concerns, accelerating the exodus.
- High Operating Costs: San Francisco's high taxes and operating expenses make it difficult for retailers to turn a profit, especially when traffic is low.
For the Emporium Centre to have a viable future, it will require more than just a new coat of paint or a new name. It demands a fundamental reimagining of the space and a significant recovery in the economic and social health of the Market Street corridor. The iconic glass dome, which once sheltered a bustling hub of commerce, now looms over a space that is largely silent, awaiting a dramatic, uncertain second chance.
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