By Linda Moss
CoStar News
Streaming giant Netflix plans to transform a vacant Lord & Taylor store into one of its first brick-and-mortar entertainment venues, putting on view the latest type of repurposing across the country of defunct department-store mall locations.
The Los Gatos, California-based company said it will turn the 120,000-square-foot space at the King of Prussia mall in Pennsylvania into what it’s calling Netflix House. The site will include ticketed and non-ticketed experiences for the public, “themed around the Netflix shows most beloved by fans,” as the firm put it in its application to Upper Merion Township officials. Netflix House seeks to include permanent retail and food-and-beverage space, a theater, escape rooms, mixed reality games, live events, and other activities.
“Overall, I think [Netflix House is] a major positive for the market,” Scott Gabrielsen, a CBRE executive vice president in greater Philadelphia who wasn’t involved in the deal, said in an email to CoStar News. “It is a large block of space absorption that further supports that King of Prussia is one of the most highly amenitized submarkets in the region.”
KNOW. LIKE. TRUST.
KNOW. LIKE. TRUST.
KNOW. LIKE. TRUST.