King of Prussia adding more stores in August

062816_kop_1200

Well, you don’t. Instead you bring in more heavy hitters to complement the designer shoe maven.

Like eyewear retailer Oliver Peoples, Italian apparel retailer Bottega Veneta, upscale fashion brand Rag & Bone and luxury Italian furniture retailer Calligaris.

They were all announced on Tuesday as tenants that will be moving into King of Prussia’s new corridor, due to debut Aug. 18.

The 155,000-square-foot corridor is to house 50 new retailers, half of whom are considered luxury brands, including those named Tuesday by mall owner, said Simon Property Group president David Contis, who led reporters on a construction tour.

“We’ve taken two, large independent malls and made them into one, unified seamless shopping experience,” Contis told reporters on the upper level of what is now still The Plaza near Neiman Marcus. “It’s real exciting and at the same time, it’s been an extremely difficult project.

“We built 300,000 square feet of building with 150,000 square feet of retail space up in the air, connecting two properties, and covering three department store entrances.

“Other than that, it was real easy.”

The additional retailers will join an A-list retail roster at one of the nation’s premiere malls.

King of Prussia is considered an A++ mall with $975 in sales per square foot, tops in the Philadelphia/South Jersey region, and a 1.2 percent vacancy rate, well below the national average of 5.3 percent.

“King of Prussia is one of many malls which have established high standards,” said national mall expert Mark Hunter at CBRE Inc. “While some malls are in need of being re-developed. . . the top echelon – including King of Prussia – endure because of their market dominance and compelling mix of tenants.”

Many credit this most recent expansion as the catalyst for a $1 billion building boom changing the King of Prussia area with the first new residential units in 20 years, and the first new ground up commercial office building in a decade.

For the mall and the KOP area, retail remains its primary industry. It has created over 8,300 retail jobs, a half billion dollars in annual wages (not including all the new retail coming this year), and $11.3 billion in total revenue in retail and food and beverage annually for the King of Prussia area, according to the King of Prussia District, the group charged with economic development for the area.

The estimated $250 million mall expansion will take the total retail square footage in the KOP area to 6.3 million.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s