Wireless carrier said Friday it could close its flagship store in downtown San Francisco, deepening the actual estate pain within the once-booming tech hub that has been particularly hard hit by the pandemic.
Stores in San Francisco have been closing their doors as they struggle to chop down on real estate space within the face of declining customer visits, occupancy and sales.
Office buildings lie empty as more people work at home, compounded by major layoffs by large tech firms.
AT&T said its Powell Street store would close on Aug. 1 and all retail employees affected by this variation could be offered jobs at one among the opposite locations in the town.
“Consumer shopping habits proceed to alter, and we’re changing with them. Meaning serving customers where they’re through the appropriate mixture of retail stores, digital channels and our phone-based care team,” an organization spokesperson said.
“Consumer shopping habits proceed to alter, and we’re changing with them,” AT&T said.REUTERS
Stores in San Francisco have been closing their doors as they struggle to chop down on real estate space within the face of declining customer visits, occupancy and sales. Above, Powell Street.AP
Earlier this week, Unibail-Rodamco-Westfield said it could transfer its Westfield San Francisco shopping center to lenders.
Last month, Nordstrom said it was going to offer up its downtown store within the mall.
Real estate investment trust Park Hotels & Resorts had also said last week it ceased making payments toward a $725 million mortgage linked to its Hilton San Francisco Union Square and Parc 55 hotels.
In April, AT&T had reported dismal money flow and missed market estimates for first-quarter revenue, underscoring the toll from strained consumer wallets.
