Philadelphia's Iconic Franklin Mall Now For Sale Amid Decline
After years of struggling to regain its former glory, Franklin Mills in Northeast Philadelphia is now up for sale. The once-thriving mall, featuring a distinctive lightning bolt shape and nostalgic attractions like an animatronic Ben Franklin head, has been grappling with declining foot traffic and occupancy rates.
Currently standing at 68% occupancy, the mall has lost major tenants such as AMC movie theater, Forever 21, and Sam Ash music store in recent years. The property's current owners, a joint venture between Simon Property Group and Farallon Capital Management, are now seeking new investors for the site.
The 36-year-old mall boasts an impressive 1.6 million square feet of retail space, making it one of the largest in the region, but its vacant storefronts and dwindling consumer base have left many questioning its long-term viability.
Despite being rebranded as Franklin Mall last year, the property's decline continues unabated. The appraised value has plummeted from $201 million in 2012 to a mere $76 million just last year. The mall is now saddled with a significant loan balance of $244 million, which matures next year.
Franklin Mills' woes are not isolated; several other regional malls are currently undergoing similar transformations. The Neshaminy Mall in Bucks County and Exton Square Mall in Chester County, for instance, are also being sold or redeveloped as part of broader efforts to revitalize the retail landscape in Philadelphia.
The sale of Franklin Mills presents an opportunity for a new investor to breathe life into the struggling mall. However, it also raises questions about the role of traditional malls in today's rapidly evolving retail landscape, where e-commerce giants and experiential shopping centers are increasingly dominating consumer preferences.
After years of struggling to regain its former glory, Franklin Mills in Northeast Philadelphia is now up for sale. The once-thriving mall, featuring a distinctive lightning bolt shape and nostalgic attractions like an animatronic Ben Franklin head, has been grappling with declining foot traffic and occupancy rates.
Currently standing at 68% occupancy, the mall has lost major tenants such as AMC movie theater, Forever 21, and Sam Ash music store in recent years. The property's current owners, a joint venture between Simon Property Group and Farallon Capital Management, are now seeking new investors for the site.
The 36-year-old mall boasts an impressive 1.6 million square feet of retail space, making it one of the largest in the region, but its vacant storefronts and dwindling consumer base have left many questioning its long-term viability.
Despite being rebranded as Franklin Mall last year, the property's decline continues unabated. The appraised value has plummeted from $201 million in 2012 to a mere $76 million just last year. The mall is now saddled with a significant loan balance of $244 million, which matures next year.
Franklin Mills' woes are not isolated; several other regional malls are currently undergoing similar transformations. The Neshaminy Mall in Bucks County and Exton Square Mall in Chester County, for instance, are also being sold or redeveloped as part of broader efforts to revitalize the retail landscape in Philadelphia.
The sale of Franklin Mills presents an opportunity for a new investor to breathe life into the struggling mall. However, it also raises questions about the role of traditional malls in today's rapidly evolving retail landscape, where e-commerce giants and experiential shopping centers are increasingly dominating consumer preferences.
like i've been following this mall since i was a kid it's crazy to see how far it's fallen from its heyday back in the 90s my fave store forever 21 used to be right there and now they're all gone 
u know what's even crazier tho? the appraised value went from $201 million in 2012 to like $76 million last year that's wild 
i mean i get it malls are struggling but can't we just revive this place and make it cool again?! 
would be so sad to see it torn down btw u think someone will come in and bring back the fun?? 
. Sure, AMC and Forever 21 left, but I'm sure they could be replaced by new tenants or even smaller shops. And rebranding as Franklin Mall was a decent try, but if that didn't work out, maybe they should've just stuck with the original name 
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I think this is a sign that traditional malls like Franklin Mills just aren't cutting it anymore. We're living in an era where online shopping is king 
and people would rather stay home than brave the crowds at the mall. The fact that they've lost major tenants like AMC and Forever 21 isn't surprising, but what's crazy is that we're still expecting people to flock back when nothing has really changed. 
. i mean, what's the point of buyin a mall if u cant even make it profitable? the new investor might be able 2 fix things up, but at this point, it's just a matter of when, not if 
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Like, what if you just got some good food from the food court instead of buying clothes and stuff online? 
And don't even get me started on the lightning bolt thingy... is it still gonna be super lit or what? 
I heard there used to be an animatronic Ben Franklin head, that's kinda cool, but like, why does he need a mall? 
. I REMEMBER GOING THERE WITH MY PARENTS WHEN I WAS A LITTLE KID AND IT WAS ALWAYS SO MUCH FUN!!! 
THEY HAVE THIS AMAZING ANIMATRONIC BEN FRANKLIN HEAD THAT WAS SO COOL! 
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I THINK IT'S JUST THE WAY OF THE WORLD NOW, THOUGH. PEOPLE ARE GOING ONLINE MORE AND MORE AND WE'RE NOT AS INTO PHYSICAL STORES AS MUCH 
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IT'S LIKE, A PART OF THE CITY'S HISTORY OR SOMETHING! 
A lot of regional malls are going through similar changes, so maybe this is just the start of something new? 
Whatever happens next, I hope Franklin Mills finds a way to stay relevant and keep on serving up that nostalgic fun for Philly! 
i'm not surprised it's for sale tho, the retail game has changed so much since 2012. but at the same time, i kinda feel bad for the people who have invested their lives into this place 
they've worked hard to make it what it is. anyway, fingers crossed that whoever buys it can turn it around and make it shine again 
they really gotta think outside the box or something, maybe some new trendy store or arcade game to get people coming back in 
wouldn't mind seeing a makeover or renovation tho, might be able to breathe some life into the place 
76 million appraised value? that's crazy low 
the decline is so shocking, especially since they had some amazing stores back in the day. but at the same time, maybe this sale can be a fresh start for the mall? who knows what new and awesome things they'll bring in. one thing's for sure tho, traditional malls gotta adapt to the times we live in now 
Those were always such fun places to hang out with friends and family.
It's such a iconic mall with so much history, but it seems like times have changed and people just aren't going there as much anymore 
I don't know, but I do think it'll be interesting to see what happens next 
. But now it's just sitting there, all empty and stuff 
The decline is just so sad, from 2012 when it was worth $201 million to now it's barely holding on at $76 million... that's like losing HALF your value in 13 years?! 
It's not like traditional malls can't adapt, but it seems like they're just too slow to keep up with the times.