It seems to have more than one floor. It's a giant mall, and is close to the BassCar Baytona 400 race track. It's name is imprinted on a big white board in the front of the mall in blue text. The mall itself is skin color, pink, and purple in brick color.
Role in episode
When SpongeBob and Patrick play hide and seek, Patrick decides to hide in front of the front window of the car, causing the car to lose control and fly off the multiple places. One of those places is the Outskirts Outlet Mega-Mall, where they crash into one of the halls in the mall and then out of the building and into the racing stadium.