Taubman set to open upscale mall in Puerto Rico next week - Crain's Detroit Business



Photo by Taubman Centers The Mall of San Juan is designed to reflect the rich culture and heritage of San Juan, but with a fresh, contemporary twist, Taubman Centers said.


Photo by Taubman Centers Taubman Centers said The Mall of San Juan will be a state-of-the-art, two-level, enclosed mall featuring a 138,000-square-foot Nordstrom and a 100,000-square-foot Saks Fifth Avenue. It will be the first upscale mall in Puerto Rico and the first and only location on the island for Nordstrom and Saks. The project will also include a hotel and casino.

Bloomfield Hills-based Taubman Centers Inc. (NYSE:TCO) is preparing to open an upscale mall in Puerto Rico next week.
Nordstrom and Saks Fifth Avenue will anchor the $475 million San Juan project set to open March 26.

The 650,000-square-foot tri-level mall has been under construction since September 2012. It is located within five minutes of the international airport and convenient to the central business district, the primary medical center, the University of Puerto Rico and the beach-front hotels in the Isla Verde and Condado areas, Taubman said on the mall’s website.

Demand for retail in Puerto Rico is strong and competition is limited, said Maria Mainville, Taubman's director of strategic communications.

There is only about 5 square feet of shopping center gross leasable area per capita in Puerto Rico vs. 23 square feet in the contiguous U.S., according to Taubman.

The Mall of San Juan will represent the “dominant upscale shopping destination” on the island, Mainville said.

More than half of the 100 retailers and restaurants in the mall will be unique to the market, she said, including Saks Fifth Avenue and Nordstrom, which are entering the Caribbean for the first time with their anchor stores at the mall. 

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Taubman set to open upscale mall in Puerto Rico next week - Crain's Detroit Business

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