Saks Fifth Avenue’s Exit Underscores Puerto Rico Retail Woes (original) (raw)

Oct. 30, 2019, 7:24 PM UTC

Michael Deibert

Bloomberg News

The 650,000-square foot Mall of San Juan was pitched as a beacon of the island’s consumer economy when it opened its doors in 2015. Now, buffeted by Hurricane Maria and a decade-long recession, its appeal may be wearing off.

At least that’s the message from the exit of Saks Fifth Avenue, one of the mall’s key tenants.

Taubman Centers Inc., the real estate investment trust that owns the mall, said Tuesday in a quarterly report that Saks is leaving and will pay $26 million to resolve its obligations to the landlord. Taubman assumed control of the store, which has been ...

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