#ScalaReport: The Doom Loop threatens to spread across to NYC. Chri Riegel, CEO Scala.com #
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 16 June 2023
⏱️ 10 minutes
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#ScalaReport: The Doom Loop threatens to spread across to NYC. Chri Riegel, CEO Scala.com #Stratacache.https://www.nytimes.com/2023/06/14/us/london-breed-san-francisco-mayor.html
Transcript
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| 0:00.0 | This is CBSI in the world. I'm John Bachelors. The Scholar Report with CEO Chris Regal of |
| 0:11.1 | Scholar.com, a global technology firm, transforming the retail space with digital signage. |
| 0:16.6 | Doom Loop, a term of art I first came across in a financial times weekend piece about San |
| 0:22.0 | Francisco several weeks ago. It's now spreading across America. Doom Loop is the new question |
| 0:28.3 | to ask about how your city is doing and the recovery from the pandemic. We start with |
| 0:32.9 | San Francisco, however, because Chris in traveling to San Francisco during the pandemic lockdowns |
| 0:39.2 | was always keen to remind me that the parking lot's rentee, the assumption was it was |
| 0:45.0 | work from home. Now, however, Doom Loop is a phrase that describes what is happening |
| 0:51.1 | in San Francisco center itself. The closing of nearly 3,000 hotel rooms in two hotels |
| 0:57.6 | in this last week is matched by the closing of retail space, most recently not just Nordstrom's |
| 1:04.1 | left, but also the mall keepers of Westfield, this shopping bananza on Market Street. Westfield |
| 1:12.8 | is leaving town as well. And in interview in the New York Times of London breed the mayor |
| 1:19.0 | of San Francisco, asked specifically about Westfield, asked specifically about these closings. |
| 1:25.1 | The mayor is defensive and ambitious, talking about how San Francisco comes back from troubles. |
| 1:32.9 | It came back from the dot com bust. It came back from the great recession of 2008, 2009. |
| 1:40.1 | It will come back again, says the mayor. However, Chris, a very good evening to you. The |
| 1:45.4 | question of San Francisco is not just the economics of the US, whether we are or not in a recession. |
| 1:52.3 | The markets are doing extremely well compared to the dot com bust of 2000 and extremely well |
| 1:59.8 | compared to the recession of 2008 and 2009, especially the markets to do with high tech. |
| 2:06.5 | And San Francisco is not reviving. I mentioned the closing of hotel rooms for convention business. |
| 2:15.0 | And then we have the homeless and the drug abuse and the inability of San Francisco to respond |
| 2:20.6 | to its own citizens who are asking for assistance in some fashion. A new story I have to tell |
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