King of Prussia Mall Expansion Part of Simon Property’s Effort to Reinvent the Shopping Experience
Simon Property Group is taking on the claim that the American mall is dying head on by working hard on reinventing the shopping mall experience at its properties including King of Prussia Mall, the second largest mall in the country, writes Phil Wahba for Fortune.
SPG recently wrapped up a $200 million overhaul and expansion of the King of Prussia mall, adding 50 more stores and better connectivity.
While hundreds of shopping centers across the country are barely surviving, faced with stiff online competition and much more selective shoppers, SPG’s efforts are proving that there is still plenty of life left in suburban mall.
The company has seen its revenue grow each year since the Great Recession, with its market cap going up fivefold since the end of 2008. It has already made huge additions and renovations to some of its properties with another $1.9 billion worth of renovations and new projects in the pipeline.
“They’re always on their toes, reinvesting in their properties for that extra edge,” said Morningstar analyst Edward Mui.
Read more about Simon Property’s efforts at Fortune by clicking here.
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