Taubman Centers plans to open Puerto Rico's first luxury mall in San Juan, a $475 million project that is bringing retailers like Nordstrom and Saks Fifth Avenue to the island.
There are currently 1555 shopping center within Peru, Mexico, Colombia, Chile, Brazil and Argentina, but that figure is set to increase to 2387 by 2025.
Although costs are increasing and economic prospects are uncertain, retailers still place international expansion near the top of their lists for this year, according to CBRE Research.