The first retailers moving into the massive new corridor
linking the Plaza with the Court at King of Prussia Mall received their leases
from the mall owner Tuesday.
The development marks the latest step in the mall's most
significant expansion in nearly four years.
Two luxury brands - the shoe retailer Jimmy Choo, made
famous by the TV show Sex and the City, and the women's apparel and accessories
designer Diane von Furstenberg - recently announced they would open in the
corridor later this year, adding to the mall's luster.
"We're now at a transition point with the completion
of the connector," David Contis, president of Simon Property Group, the
mall's owner, said Tuesday. "You can walk from one side [of the mall] to
the other. We're now turning over spaces today to retailers to start
construction of their interior spaces."
Retail analysts have lauded the expansion, saying it will
strengthen what is already considered an ultra-high-performing mall, rated A++
by the real estate research firm Green Street Advisors L.L.C., based in part on
its $975 sales per square foot, among the country's highest.
With its size, location, and easy access from I-76 and
the Pennsylvania Turnpike, the mall has among the most sought-after space in
the nation and abroad.
Contis said that the new 1,108-space parking garage has
also been completed and that the turning over of leases marked the start of the
project's second phase, with interior and exterior finishes still to be done.
The expansion, which began in summer 2014, is set to be
done by the fall. It is being built above ground, rising two to three stories
over a few parking lots.
On Tuesday, the area between Macy's and Neiman Marcus was
a construction zone, with orange cones and shoppers walking beneath
scaffolding.
"It is a cool idea," said Phil Petruzzo, 24, of
Manayunk, as he walked from the Plaza toward Macy's in the Court. He had bags
from PacSun and H&M. "Even when it's too sunny outside, you can stay
indoors."
Likewise, as she left Macy's and headed toward the Plaza,
Iyenda McKendrick, 42, of Southwest Philadelphia, who works for the
Philadelphia Sanitation Department, said she looked forward to the expansion's
completion.
"It will make things more convenient," said the
mall regular, who visits at least once a week. She had just bought summer
sandals from the Walking Co. on Tuesday. "No more getting wet or cold in
the winter."
The structure will house 50 new stores - including two
dozen luxury brands - as well as more restaurants and a dining pavilion.
Once completed, the enlarged King of Prussia Mall, second
in size only to the Mall of America in Bloomington, Minn., will cover almost
three million square feet, with 450 stores and restaurants. That's four times
the size of the original mall that opened in 1963.
The new corridor is the mall's eighth major expansion and
renovation, and the most significant since 2012, when the former Wanamaker's
building in the Plaza was demolished and converted into two stories of shopping
space covering 100,000 square feet.
That space is now occupied by the biggest Forever 21
store in Pennsylvania, as well as H&M and Steve Madden stores.
Among the high-end stores that have confirmed their
corridor places are Carolina Herrera; Robert Graham; Clarins; Vince; and Stuart
Weitzman.
Contis said five of the mall's luxury stores, including
Louis Vuitton and Burberry, will be relocating into flagship stores.
Meanwhile, anchors Neiman Marcus, Bloomingdale's, and
Macy's are adding new entrances. Neiman Marcus is also adding a shoe department
on the connector level.
A food emporium, spanning 20,000 to 25,000 square feet,
is planned for the middle of the expansion, including Hai Street Kitchen &
Co., Nicoletta Pizzeria, Melt Shop, and Shake Shack. A restaurant owned by a
Philadelphia celebrity chef will also be announced soon.
"King of Prussia Mall is now one continuous shopping
experience and it will be seamless," Contis said. "The two parts are
unified."
The mall employs about 7,200 people now, with nearly 700
to be hired after expansion is completed to staff the new stores and
restaurants.
Source: Philly.com
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