The country is on high alert following scenes of carnage at a Christmas market in Berlin in December, when an IS jihadist rammed a truck into a crowd of pedestrians, killing 12 people.
The German domestic security agency BfV believes the IS group was "almost definitely" behind the threat, local media reported.
According to the Bild daily, IS called for an attack and got a message to Syrian supporters in the Essen region to attack a shopping centre yesterday.
"The shopping centre will be closed all Saturday due to security concerns. The police have concrete information regarding a possible attack," local police said in a statement published on social media.
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Local car parks and the underground train station were also closed.
Though there was no announcement of arms or explosives being found, police said two men had been picked up for questioning.
Both men were arrested in the town of Oberhausen near Essen but later police said in a statement that the pair "are not suspects" in the case.
Sniffer dogs were also been deployed at the site.
Essen, which is in the industrial Ruhr region, has a population of approximately 500,000.
The police said they had been alerted to the threat by "another department" but no German agency has confirmed if it was involved.