Another week, another business shutting down in San Francisco.
Cinemark is shutting down their San Francisco location, effective immediately. The company cited ‘local business conditions’ as the reason for the closure, and we all know what that means, don’t we?
The city is on its way to becoming a retail desert. People are trying to avoid crime, homeless drug addicts and filth in the streets.
FOX Business reports:
San Francisco loses another large downtown business as city’s troubles mount
Cinemark Holdings, Inc. is shuttering its downtown San Francisco theater, becoming the latest major firm to high-tail it out of the troubled California city.
“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 is located in the Westfield San Francisco Centre, whose owner, shopping center giant Westfield, announced Monday it would be handing the property back to a bank due to “the challenging operating conditions in downtown San Francisco.”
The mall remains operational amid the search for a new buyer, but Westfield said prior to Cinemark’s announcement the property would only be 55% leased when Nordstrom packs up from the location at the end of August as part of the high-end retailer’s recent decision to close both its downtown San Francisco locations due to the “dynamics” of the area.
Here’s a local video report:
Do the people who live in San Francisco realize what’s happening to their city?
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
What "business conditions" might that be?
"Cinemark confirms it has decided to permanently close Century San Francisco Centre 9 and XD theater shortly before the conclusion of its lease term following a comprehensive review of local business conditions,https://t.co/TMjKZUMEza
— @SHEPMJS (@shepmjs) June 14, 2023
How much worse will things have to get before the city makes real changes?
