A new Wayfair flagship store was expected to be a big addition to the King of Prussia Mall this year or next, but the plans have been cancelled, writes Paul Schwedelson for Philadelphia Business Journal.
The deal was for Wayfair to fill the vacant spot left by JCPenney in 2017. The King of Prussia Mall also had plans to include a café on the main level and a rooftop deck and bar.
The mall owned by Simon Property Group is now looking at other possible prospects to fill that space while continuing to add new stores regularly.
King of Prussia Mall General Manager Bob Hart said, “We’re in active negotiations with a retailer to take the second and third level of the old JCPenney and we have interest for entertainment for the first level of JCPenney. But it’s got to get signed first. We’re hopeful that all will go through soon.”
While Wayfair hasn’t disclosed a reason for dropping the deal with the King of Prussia Mall, the retailer has reported financial difficulties over the last few years forcing it to lay off almost 3,000 employees.
Read more about Wayfair’s decision and how it impacts the King of Prussia Mall in the Philadelphia Business Journal.