The departure of Bloomingdales will expand the current 11% floorspace vacancy rate to over 30%. 

But this is a movie we have seen before. We are in the second decline cycle for The Promenade (originally known as the Santa Monica Mall). Primarily due to the City’s reactionary downtown business strategy, the business cycles of SM Place and The Promenade have been fortuitously counter-cyclical since 1965. Now, for the first time, downtown Santa Monica is experiencing simultaneous declines at both the Promenade and SM Place.  However, this problem creates new opportunities.

Read More: https://smmirror.com/2021/02/sma-r-t-column-the-promenade-leaving-the-past-to-reimagine-its-future/