Performance and reliability of content access in mobile networks is conditioned by the number and location of content replicas deployed at the network nodes. Facility location theory has been the traditional, centralized approach to study content replication: computing the number and placement of replicas in a network can be cast as an uncapacitated facility location problem.The endeavour of this work is to design a distributed, lightweight solution to the above joint optimization problem, while taking into account the network dynamics. In particular, we devise a mechanism that lets nodes share the burden of storing and providing content, so as to achieve load balancing, and decide whether to replicate or drop the information so as to adapt to a dynamic content demand and time-varying topology. We evaluate our mechanism through simulation, by exploring a wide range of settings and studying realistic content access mechanisms that go beyond the traditional assumption matching demand points to their closest content replica. Results show that our mechanism, which uses local measurements only, is: (i) extremely precise in approximating an optimal solution to content placement and replication; (ii) robust against network mobility; (iii) flexible in accommodating various content access patterns, including variation in time and space of the content demand.