Cinemark Holdings, Inc. is closing its downtown San Francisco theater, making it the most recent significant company to withdraw from the challenging city environment in California.
"Cinemark can confirm it has decided to permanently close the Century San Francisco Centre 9 and XD theater shortly before the conclusion of its lease term following a comprehensive review of local business conditions," a spokesperson for the company told FOX Business in a statement.
The theater, situated in the Westfield San Francisco Centre, has been affected by recent developments. On Monday, the owner of the shopping complex, the commercial behemoth Westfield, declared its intentions to return the property to a bank. This decision was prompted by the difficult business climate prevalent in downtown San Francisco.
BREAKING: The Cinemark movie theater in the Downtown SF Westfield Mall will permanently close this month.
The news comes just days after Westfield’s announcement that it plans to give up the mall to its lender, citing “challenging operating conditions.” https://t.co/Y467ghAKRf
— The San Francisco Standard (@sfstandard) June 14, 2023
Despite the ongoing search for a new purchaser, the mall continues to function. However, before Cinemark made its announcement, Westfield indicated that only 55% of the property would remain occupied once Nordstrom vacates the premises at the end of August. This is a result of the upscale retailer's recent resolution to shut down both of its downtown San Francisco outlets, a decision driven by the changing conditions in the local area.
On average, Westfield's other assets maintain a 93% occupancy rate.
Westfield's announcement followed closely on the heels of a significant revelation by Park Hotels & Resorts. The prominent hotel operator recently disclosed that it had ceased payments on a $725 million loan for its Hilton San Francisco Union Square and Parc 55 San Francisco properties, attributing this move to various "significant difficulties" encountered within the city.
The wave of exits coincides with an increasing number of retailers leaving downtown San Francisco due to a variety of challenges. The city continues to grapple with issues of retail theft, homelessness, and a severe drug crisis.
After Westfield made its announcement, John Dennis, Chairman of the San Francisco Republican Party, laid blame on progressive policies for driving businesses away from the city. In a statement to FOX Business, he described San Francisco as "the most poorly managed city in America."
However, Ro Khanna, a Democratic Representative from California, refuted these claims during a Tuesday appearance on FOX Business' "Cavuto: Coast to Coast." Despite acknowledging the city's crime issues, he insisted that the assertion of a "mass exodus" of businesses from San Francisco was incorrect. He maintained that the city, a major hub for tech companies, continues to thrive.
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