Simon claims it to be the largest outlet mall[1] in Virginia. It has also been claimed to be the top tourist attraction in Virginia,[2][3] but the commonwealth tourism board ranked it as tenth in 2004.[4]
Real estate developer Herbert S. Miller and his Western Development Corporation developed Potomac Mills as a prototype for a shopping center which would combine elements of a regional mall with discount retail.[2] Originally called "Washington Outlet Mall" during planning stages, it was not planned to be enclosed until the last minute.[4]
The 130 acres selected for construction was mostly farmland and woods, although it included several homes and businesses. The Prince William Board of Supervisors approved the first of several rezonings for the mall on February 21, 1984, after a fight over the proposed 140 feet (43 m)-tall, 1,260 square feet (117 m2) illuminated sign.[3]
The first phase of the mall opened September 19, 1985. Comprising what are now neighborhoods 1 and 2, it occupied approximately 650,000 square feet (60,000 m2) and had parking for over 5,500 cars.[2] The next phase, completed in 1986, added another 550,000 square feet (51,000 m2) of retail space and the movie theater.
The third phase, completed in 1993, added 400,000 square feet (37,000 m2) of value-retail space. anchored by Marshalls and JCPenney Outlet Store, along with a Burlington Coat Factory.[5]Cohoes Fashions was also an early tenant and later closed in 1987, being replaced by a Woodward & Lothrop outlet store. Other original tenants included IKEA, Sears Outlet and Waccamaw Pottery.[6] The IKEA location at Potomac Mills was one of the company's earliest retail outlets in America, and proved so popular that it eventually required a new, dedicated building adjacent to the primary Potomac Mills complex.
The sign was damaged by high winds in 2011, and again in February 2018. The second incident bent and stressed its steel support poles, causing it to tilt precariously over Interstate 95, and forced the sign's dismantling.[7] Near the end of March 2019 a new sign was unveiled, featuring an updated design.[8]
On April 24, 2023, it was announced that buybuyBaby will be closing as the company is going out of business.[9] On May 9, 2023, andThat announced that they would be closing as part of a plan to close 10 stores nationwide.[10]