King of Prussia Mall, a 2.8 million-square-foot shopping wonderland northwest of Philadelphia, is the type of destination center that mall defenders say can defy the rise of online shopping. It’s a sprawling complex that houses stores from all corners of the retail universe, more than 50 food venues and a concierge lounge. Yet it still has to grapple with today’s reality, such as a J.C. Penney that shut down in July and left a hole in a key anchor spot.
Owner Simon Property Group Inc., the largest U.S. mall landlord, sees the closure as an opportunity --
to bet on non-retail uses. For the first time since Woolworth’s and
E.J. Korvette opened their doors more than 50 years ago, a sizable chunk
of land at King of Prussia will be dedicated to something other than
stores and restaurants.. . . more