Well, not completely – but it seems like they did convert most of the stores into outlet/factory stores offering 50-60% off of the regular prices. Mind you, the Venus Fort is still a relatively high-end shopping mall (there IS a huge indoor fountain after all) so in some of the stores bargain prices are still in >$100 range.
It seems like this big change happened around January but as Odaiba is not exactly next door to Mitaka, it was only today that I actually saw the new mall. Outside is changed as well and the inner decor now has more lights – though, they kept the “streets of Venice” look. It used to be that the Venus Fort was worth checking out at least once just because of the design but now the possibility of finding a brand item for 60% off the price you would have to pay in Ginza/Shibuya or Shinjuku means regular visits every once in a while may well be worth it.
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