King of Prussia Mall (Photo credit: Wikipedia)
Simon Property Group, the Indianapolis-based retail giant that owns 200-plus shopping malls nationwide, is sacrificing more than 400 parking spaces at its King of Prussia Plaza and Court to make room for at least 50 new stores and restaurants that it hopes will draw more wealthy shoppers to the region’s biggest retail complex.
At extra-large shopping centers such as King of Prussia, at least, “the mall business is good, contrary to some of the naysayers,” David Contis, president of Simon Malls and a corporate senior vice president, told me Monday.
His company bought out other investors to take control of the King of Prussia mall in 2011, in deals that valued the complex at over $1 billion.
Contis said he expected to attract luxury stores from outside the region and “the best of the Philadelphia eateries” to the new space, rather than shifting current tenants there.
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