The new name went into effect on Tuesday.
But that's not all the changes coming to the 25-year-old, 1.8 million square foot outlet mall off I-95 in Northeast Philadelphia.
Simon Property Group announced a multi-phase revitalization project that will bring updates to both the exterior and interior of the shopping complex.
Changes to the exterior will include new mall entrances, landscaping and signage.
As for the inside, new skylights will be installed, as well as new lighting and flooring, and upgraded restrooms.
Philadelphia Mills will also see the addition of WIFI and lounge areas with charging stations.
"Philadelphia Mills is an important part of the city's retail history and we look forward to working with the Mills as this incredible asset is transformed and repositioned for a bright future," said City of Philadelphia Deputy Mayor Alan Greenberger in a statement.
Philadelphia Mills is home to outlets including Neiman Marcus Last Call, Saks Fifth Avenue OFF 5TH, Polo Ralph Lauren Factory Store, Nike Factory Store, and the area's largest Forever 21.
Simon says the shopping center will add at least a dozen new retail and dining options throughout the redevelopment period, including the first Philadelphia-based Express Factory Outlet store.
"Our investment to reinvent Philadelphia Mills will provide our customers and the City of Philadelphia with a family-friendly shopping, dining and entertainment destination unlike any other in the region," John Ahle, General Manager of Philadelphia Mills, said in a statement.
Exterior construction, already under way, is expected to be complete in fall 2014.
Interior renovation work will begin in early 2015.
A grand reopening celebration is slated for fall 2015.