© Reuters. FILE PHOTO: The AT&T brand is seen in a retailer window as airports throughout the nation watch for Verizon and AT&T to roll out their 5G expertise, in Manhattan, New York, New York, U.S., January 19, 2022. REUTERS/Brendan McDermid
(Reuters) – U.S. wi-fi provider AT&T ( NYSE: ) mentioned on Friday it could shut its flagship retailer in downtown San Francisco, deepening actual property ache within the once-booming tech hub that has been hit notably onerous by the pandemic.
Shops in San Francisco are closing their doorways as they attempt to cut back actual property as a consequence of declining buyer visits, occupancy and gross sales. Workplace buildings are emptying as extra folks work at home, compounded by large layoffs at main tech corporations.
AT&T mentioned its Powell Avenue retailer will shut Aug. 1, and all retail staff affected by the change will likely be provided jobs at one in all its different places within the metropolis.
“Client buying habits proceed to vary, and we’re altering with them. Which means serving clients the place they’re with the correct mix of retail shops, digital channels and our cellphone service crew,” mentioned an organization spokesperson.
Earlier this week, Unibail-Rodamco-Westfield mentioned it could give up its Westfield San Francisco mall to collectors. Nordstrom (NYSE: ) mentioned final month that it was going to desert its downtown retailer.
Actual property funding belief Park Inns & Resorts (NYSE: ) additionally mentioned final week it had stopped making funds on a $725 million mortgage associated to the Hilton San Francisco Union Sq. and Parc 55 motels.
In April, AT&T reported abysmal money circulate and missed market estimates for first-quarter income, underscoring the toll on strained client wallets.
