The once-thriving Franklin Mills mall in Northeast Philadelphia is now on the market for sale, its future uncertain after years of decline. The 36-year-old shopping center, which was a staple in the region's retail scene, has been struggling to stay afloat with occupancy rates at just 68% and several major tenants leaving in recent years.
The mall's downfall can be attributed to its inability to adapt to changing consumer preferences and the rise of e-commerce. Once home to iconic stores like AMC movie theater, Forever 21, and Sam Ash music store, the Franklin Mills property is now left with a mix of outdated retailers and vacant storefronts.
Despite its significant size, spanning over 1.6 million square feet, the mall has become a shadow of its former self. The only remaining anchors are Dave & Buster's, Burlington, and Marshalls, while the once-popular animatronic Ben Franklin head has vanished from view. The mall's directory still lists over 90 businesses, but foot traffic is minimal.
The property was previously owned by a joint venture between Simon Property Group and Farallon Capital Management, who acquired the mall in 2007 for $290 million. After several rebranding efforts, the mall changed hands again last year, with its new owners taking on significant debt. The loan on the property has now matured, leaving behind a remaining balance of $244 million.
Franklin Mills joins a growing list of struggling malls in the region, including the Neshaminy Mall and Exton Square Mall, which are also up for sale or in the midst of redevelopment plans. In Montgomery County, the Plymouth Meeting Mall is being sold as part of a plan to create housing, athletic fields, and a community center alongside retail.
The Franklin Mills mall's fate serves as a cautionary tale of the challenges facing the traditional shopping center model. As consumers increasingly turn to online retailers, malls must adapt to survive. Will this once-iconic mall be able to reclaim its former glory, or will it become just another casualty of the e-commerce revolution?
The mall's downfall can be attributed to its inability to adapt to changing consumer preferences and the rise of e-commerce. Once home to iconic stores like AMC movie theater, Forever 21, and Sam Ash music store, the Franklin Mills property is now left with a mix of outdated retailers and vacant storefronts.
Despite its significant size, spanning over 1.6 million square feet, the mall has become a shadow of its former self. The only remaining anchors are Dave & Buster's, Burlington, and Marshalls, while the once-popular animatronic Ben Franklin head has vanished from view. The mall's directory still lists over 90 businesses, but foot traffic is minimal.
The property was previously owned by a joint venture between Simon Property Group and Farallon Capital Management, who acquired the mall in 2007 for $290 million. After several rebranding efforts, the mall changed hands again last year, with its new owners taking on significant debt. The loan on the property has now matured, leaving behind a remaining balance of $244 million.
Franklin Mills joins a growing list of struggling malls in the region, including the Neshaminy Mall and Exton Square Mall, which are also up for sale or in the midst of redevelopment plans. In Montgomery County, the Plymouth Meeting Mall is being sold as part of a plan to create housing, athletic fields, and a community center alongside retail.
The Franklin Mills mall's fate serves as a cautionary tale of the challenges facing the traditional shopping center model. As consumers increasingly turn to online retailers, malls must adapt to survive. Will this once-iconic mall be able to reclaim its former glory, or will it become just another casualty of the e-commerce revolution?
First it was the rise of online shopping, now they can't even fill their stores 
. I remember going to Franklin Mills back in the day and it was always packed! Now it's just a shadow of its former self. I feel bad for the people who own/managed it, they must be struggling 
. And $244 million? That's like, a lot of debt... I don't think there's a way to turn it around from here 
. Maybe someone will come along and give it a new life, but until then, it's just a sad reminder of the past 
.
. It's like they're trying to hold on to the past when everyone else is moving forward with online shopping 
. I mean, who needs to go to a mall anymore when you can get everything delivered right to your doorstep? 
It's sad that it's come down to this – a 36-year-old mall struggling to stay alive 
. Maybe this will be an opportunity for new owners to come in and give it a fresh start? 
Who knows, maybe they'll find a way to make it work in today's digital age 
Franklin Mills is like a relic from the past 
. They need to reboot their whole vibe and make it cool again 
. It's not just about getting rid of old stores and adding new ones, they gotta innovate and think outside the box 
. Malls need to be more than just a place for shopping, they need to be experiences 
. I mean, who wants to go to a mall when you can shop online and have it delivered at your doorstep? 
Online shopping is where it's at rn 
.
u gotta bring in more than just anchor stores to make it work. and btw, who needs 90 businesses when only like 3 r doing any business? 
they just couldn't adapt to online shopping and all these big retailers left... it's crazy how fast things change 
! Franklin Mills is a prime example of how retail has declined in recent years. Who needs all that space for empty storefronts when you can shop online and save a ton of money? 
I remember it being super cool back in the day. anyway back to the mall... it's crazy how much it changed from when I used to go there. I mean, I love a good bargain, but some of those stores just didn't make sense anymore. like who shops at Sam Ash anymore? 
i think it's bc ppl r gettin their shop from online 
malls rnt meant 2 b just big warehouses 4 consumerism, they need 2 evolve & offer something unique 
or even entertainment venues like arcades or escape rooms 
. I wonder if they'll be able to find a buyer who can help them turn things around? Maybe someone could come in and revamp the space to make it more modern and appealing to shoppers again 
.
. But at the same time, I get it – consumers have changed their habits and online shopping is here to stay 
. So, I guess Franklin Mills' fate is sealed... or will it be? 
- remember when Ross and Rachel had to make a choice between their careers and their relationship? 
Wouldn't that be awesome?