Once-Iconic San Francisco Mall Sold at Auction, Now Largely DesertedThe San Francisco Centre, formerly known as the Westfield Emporium, was sold at auction for a fraction of its previous value, with only a few stores open amidst its seven floors. The malls decline is attributed to the shift towards online shopping, exacerbated by the pandemic. Previous owners, including Westfield and Brookfield Properties, walked away in 2023, leading to a steady exodus of retailers. Deutsche Bank and JP Morgan Chase acquired the property for $133 million, a significant drop from its former billion-dollar valuation. Negotiations are ongoing for a new ground lease, with some land owned by the San Francisco Unified School District. A company called CBRE has been hired to find a new buyer, but not everyone shares optimism about the malls potential to anchor downtown San Franciscos recovery.

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