King of Prussia Mall expansion
The biggest shopping mall on the east coast is about to get a lot bigger. Simon Property Group, plans to add a 140,000 square foot indoor corridor to the King of Prussia Mall. Right now shoppers use a covered outdoor walkway to go between the Plaza and the Court. In addition to connecting the two wings, the corridor will also feature dozens of shops and high-end restaurants. Construction is set to start next year.
Cyber Monday sales surge
Ddid you do some online shopping yesterday? Online sales surged 33% on Cyber Monday compared to a year ago. Cell phones were a big hit yesterday. Paypal says the volume of payments made over mobile phones went up more than 500% and the average order yesterday was almost $200.
Home prices falling
Today we got fresh data on home prices and they are still falling showing the housing industry continues to struggle. Home prices were down 3.6% according to the S&P Case Shiller Home Price Index and a deluge of foreclosures in the pipeline may drag down prices even further. Some experts say we might see a another 5-10% drop.
Here's a successful company that is finally going public: Facebook is considering raising $10 billion in an IPO that would value the company at $100 billon. Facebook may file for the IPO by the end of next month.