San Francisco Business Leaders, Economists Admit Stores Shutterings ‘Serious Problem’

Conservative media has sounded the alarm with every story closing on Union Square in downtown San Francisco, among the most liberal cites in the U.S.
The list of recent closings include two Nordstrom stores, a Saks Off 5th, T-Mobile’s flagship and Old Navy.
But the exodus is “serious” concern for some business leaders and economists, reports The Los Angeles Times.
According to data from the commercial real estate services firm Cushman and Wakefield, the contributing factors are a reductions in consumer spending, disruptions in the supply chain, high operation costs and public safety.
The city’s retail vacancy rate is now its highest since 2006.
“It’s a very serious problem for the whole city, much less downtown,” Jeff Bellisario, executive director of the Bay Area Council Economic Institute, told the newspaper.