Puerto Rico’s first luxury mall gets set to open

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.

The company, which was founded in 1950, operates nearly 30 malls, the majority of them in the United States, and has a Hong Kong unit that runs similar properties in Asia.

The two-story Mall of San Juan will have 60,400 sq. meters (650,000 sq. feet) of space and offer shoppers more than 100 stores and restaurants.

The developer broke ground in September 2012 on the project, which is about three kilometers (1.8 miles) from the San Juan airport.

Taubman Centers chairman and CEO Robert S. Taubman, son of company founder Alfred Taubman, and The Mall of San Juan general manager Manuel Vazquez will officially open the shopping center on Thursday.

Puerto Rican shoppers have been eagerly awaiting the arrival of Nordstrom, which will occupy 9,300 sq. meters (100,000 sq. feet), and Saks Fifth Avenue, whose store will sprawl over 13,000 sq. meters (138,000 sq. feet).

The two upscale U.S. retailers are making their debut in the Caribbean market.

The Mall of San Juan will also offer shoppers the Gucci, Kate Spade, Jimmy Choo, Louis Vuitton, and Versace brands.

Taubman Centers, which owns some Florida malls popular with shoppers from the Caribbean, plans to open a hotel and casino at the complex outside San Juan.

The Mall of San Juan’s main competitor will be Plaza Las Americas, the biggest shopping center in the Caribbean with nearly 300 establishments, but executives from both companies said their businesses targeted different segments of the retail market