Upscale Eateries Give Struggling Malls A Lift

After perusing a few boutique stores and getting her hair done at Rizzieri Salon & Spa at Moorestown Mall, Jamie McCulloh-Martin decided to go for dinner at Osteria a few doors down.

“I’ve been here more in the last 1½ years since [Osteria] opened than in all of my 22 years living in Moorestown,” said McCulloh-Martin, 50, owner of a physical therapy chain, who ate outdoors with her administrative director, Kelly Casio. “The mall is really changing, and for the better.”

In the new mall world order, you can taste Jose Garces’ tacos at Moorestown Mall, Bobby Flay’s burgers at Cherry Hill Mall, and filet mignon at Morton’s – the Steakhouse at King of Prussia Mall.

The mall and high-end restaurants have struck up a marriage that’s holding on to shoppers longer and generating a better return for powerhouse owners such as Pennsylvania Real Estate Investment Trust (PREIT) and Simon Property Group.

Read more at http://www.philly.com/philly/business/20150524_Upscale_eateries_give_struggling_malls_a_lift.html#61pW5raHst0VyXYE.99

PhillyDeals: Expansion Planned At King Of Prussia Plaza And Court

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.

Read more at http://www.philly.com/philly/business/20141118_PhillyDeals__Expansion_planned_at_King_Of_Prussia_Plaza_and_Court.html#4mWT6geTQWCWiwR1.99

Century III Mall In West Mifflin Slides Into Retail Abyss

Map of Pennsylvania highlighting Allegheny County (Photo credit: Wikipedia)

Jay Natale had a good year in 1979.

The Steelers won the Super Bowl. The Pirates won the World Series. And Natale opened a sporting goods store in the new Century III Mall in West Mifflin.

“The first year was unbelievable,” Natale, 70, of Elizabeth said, recalling a mobbed grand opening at the mall. “We hit the jackpot on that one.”

The jackpot lasted for nearly 20 years.

Since then, the mall has spiraled downward, losing customers, retailers and property value, which drained hundreds of thousands of dollars in property taxes from West Mifflin and its school district.

Read more: http://triblive.com/news/allegheny/6235359-74/mall-century-iii#ixzz34oyENfeX
Follow us: @triblive on Twitter | triblive on Facebook

South Hills Village Mall To Get Major Makeover

Map of Allegheny County, Pennsylvania, United States with township and municipal boundaries (Photo credit: Wikipedia)

South Hills Village mall will undergo a multimillion-dollar renovation as part of its owner’s plan to spruce up some of its shopping centers — to the tune of $3 billion — through 2016, an official said.

“We’re very focused on making our malls completely up-to-date and with the latest customer amenities, and giving our customers the best experience in which to shop and dine and be entertained,” Les Morris, spokesman for Simon Property Group Inc., said on Thursday.

The recession hurt shopping centers nationwide, so retail property owners have been upgrading malls rather than building more of them, said Jesse Tron, spokesman for the International Council of Shopping Centers in New York.

“I think 2014 will remain more about redevelopment, as opposed to new development,” he said.

Read more: http://triblive.com/news/adminpage/5505569-74/mall-renovation-hills#ixzz2rzxz0IyU
Follow us: @triblive on Twitter | triblive on Facebook

Franklin Mills Reinvents Itself As A More Conventional Mall

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

A sky-high crane dangles over a corner of Franklin Mills Mall these days, but it is more than a towering construction tool: It is a symbol of how necessity is the mother of reinvention at this once-legendary shopping mall.

A Walmart Supercenter is taking shape at the once-pioneering complex, which opened nearly 25 years ago with theme-park anticipation as among the first outlet malls, and the outright largest, ever built. The splashy development, unveiled in 1989, was a gamble befitting its locale, a onetime Northeast Philadelphia racetrack. And early on, its unmatched offerings paid off with packed corridors.

The mall flaunted a 1.2-mile-long, zigzag-shaped concourse, and more than 200 stores hawking discount designer goods, at a time when such wares were available only at out-of-the-way old-factory outlets. Its 1.7 million square feet of bargain buys, right off I-95, was a tourist draw and local sensation.

But the megamall’s early monopoly on outlet shopping has come to an end, forcing Franklin Mills to alter its once-irresistible identity. The Walmart is one of many tenants that now make the monolith, well, a bit more ordinary. And this is by design.

Read more at http://www.philly.com/philly/business/20131226_Franklin_Malls_reinvents_itself_as_a_more_conventional_mall.html#B6GQUXeWYThVsWmy.99

King Of Prussia Mall Announces New Retailers

King of Prussia Mall (Photo credit: Wikipedia)

KING OF PRUSSIA — Simon Property Group, Inc. (NYSE:SPG), the world’s leading retail real estate company, announced the addition of six new merchants, along with three retailer expansions, to King of Prussia Mall.

The center continues to add stores to its more than 400 retail and dining options.

Tommy Bahama opened its first stand-alone store in Pennsylvania in July.

Athleta is set open by the end of the summer.  Designed and tested by women athletes, Athleta offers women’s swimwear and athletic clothing for yoga, running, golf and tennis. Both stores will be located on the upper level of the Plaza.

Read more:  http://www.pottsmerc.com/article/20120831/FINANCE01/120839902/king-of-prussia-mall-announces-new-retailers?nstrack=sid:48949|met:300|cat:0|order:4#full_story

King Of Prussia Mall Announces New Retailers

KING OF PRUSSIA, PA – Simon Property Group, Inc. (NYSE:SPG), the world’s leading retail real estate company, announced the addition of six new merchants, along with three retailer expansions, to King of Prussia Mall.

The center continues to add stores to its more than 400 retail and dining options.

Tommy Bahama opened its first stand-alone store in Pennsylvania in July.

Athleta is set open by the end of the summer. Designed and tested by women athletes, Athleta offers women’s swimwear and athletic clothing for yoga, running, golf and tennis. Both stores will be located on the upper level of the Plaza.

Read more: http://business-news.thestreet.com/the-mercury/story/king-prussia-mall-announces-new-retailers/1

J.C. Penney Returns To Franklin Mills Mall

Image via Wikipedia

The J.C. Penney outlet store at Franklin Mills mall was one of 19 outlet stores closed by J.C. Penney.  In March of 2012, J.C. Penney is coming back to Franklin Mills as a full-line department store.  The new 100,000 square-foot store will occupy the same space but feature an updated design.

Franklin Mills Mall, is owned by Simon Property Group and has 200 stores.

Wegman’s Coming To Montgomery Mall

Image via Wikipedia

Montgomery Mall has a big empty space.  When Boscov’s reorganized a few years ago, the Montgomery Mall store closed and has been empty ever since.  Now Wegman’s has announced plans to become the newest anchor store at the mall. 

Wegman’s will demolish the old Boscov’s and build a new store.  The store will be 125,000 square-feet, which is the same size as the former Boscov’s.  The opening date will be determined by how fast Wegman’s can fit this new store into their schedule.  2012 is out but 2013 is in the running.

Wegman’s is breaking ground by becoming the first supermarket to open at a Simon Property Group mall.

Wegman’s has a store open in Collegeville and another store opening (Spring of 2012) in King of Prussia.

King Of Prussia Mall Adding 122,000 Square-Foot Building On Former Wanamaker’s Site

The old Wanamaker’s store at King of Prussia Mall will meet with a wrecking ball to make way for a new 122,000 square-foot building that will house 10 new stores.  The former Wanamaker’s store has been empty for some time now.

King of Prussia Mall is having a great year and the mall is looking to add more prime space to attract additional retailers.  The new construction will continue through the fall of 2012.

This is the first major redevelopment project at the mall since 2001 when the Pavilion was created at the Court in the former Strawbridge and Clothier store.

Could Granite Run Mall Be The Next Entry On DeadMalls.com?

Image via Wikipedia

Granite Run Mall, just outside of Media, Delaware County is slowly dying.  Empty stores and few shoppers is not a good sign of things to come.  Simon Property Group Inc. and Macerich Co. are the owners of Granite Run Mall.

Granite Run Mall may be up for a short sale or a take over by its lender because of a very late $115 million mortgage payment.  Simon appears to have lost interest in dumping more money into the mall.  Malls across America are struggling as consumers have turned to strip malls, outlet malls and big box retail complexes.  If Granite Run fails, it will be the largest mall to be sold or forfeited to a lender since the current recession started. 

Granite Run is a two-level, super-regional mall with 1,033,000 square feet of retail space.  The three anchor stores are JC Penney, Sears and Boscov’s.  Kohl’s is located outside the mall, along the perimeter, to make a fourth large department store at the mall complex.  The mall opened in 1974 and was remodeled in 1984 and 1994.