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Aug
11

King of Prussia Mall owner’s reported talks with Amazon could have major implications in Philadelphia area

August 11, 2020

Source, Philadelphia Business Journal, Natalie Kostelni

Simon Property Group, owner of the King of Prussia Mall and the Gloucester Premium Outlets, is reportedly in talks to lease vacant department store space to Amazon.com as fulfillment centers — and if those deals come to fruition, they could have major implications throughout the Philadelphia area and South Jersey.

Simon (NYSE: SPG), based in Indianapolis, has been in talks with Amazon for months — before the onset of the coronavirus — about converting some stores into distribution centers, the Wall Street Journal reported Sunday. The WSJ, citing people familiar with the discussions, said Simon and Amazon (NASDQ: AMZN) have discussed converting vacant Sears and JCPenney Co. Inc. stores into fulfillment centers. Some of the discussions have reportedly centered on buying out occupied space from the retailers, according to the report.

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