Taubman Announces Reopening Date for The Mall of San Juan, Kicks Off Year-Long Community Service Initiative

10/17/2017

Program to begin with donations to five charities to help those in need in Puerto Rico

BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)-- Taubman Centers, Inc. (NYSE: TCO) today announced that The Mall of San Juan will reopen at 11 a.m. on Thursday, October 19. The center has been closed since September 19 due to the impact of Hurricane Maria.

“Our hearts go out to all of the residents of Puerto Rico during this time of difficulty. We are so grateful that our mall management team and their families are healthy and safe,” said Taubman Chairman, President and CEO Robert Taubman. “We know there is a long road ahead for so many and we want to be of service and support.”

With the mall’s reopening, Taubman and The Mall of San Juan are kicking off a year-long community service program that will begin with donations to Unidos Por Puerto Rico, Cruz Roja Americana, ConPRmetidos, The Salvation Army and the Para la Naturaleza Community Fund. Other initiatives will be announced in the future. The collective efforts will result in more than $100,000 of cash and in-kind support for Puerto Rico.

“Our hope is that through our community outreach efforts, we can help serve those in need,” said The Mall of San Juan General Manager José Ayala Bonilla. “We want to do what we can to help restore our beloved community.”

As a result of Hurricane Maria, The Mall of San Juan incurred some interior water damage and exterior landscaping and signage damage, but the interior common area was relatively unharmed. Restoration efforts for the impacted areas are ongoing. The center has been ready to reopen since the beginning of October but the island’s unstable power has resulted in several delays. Taubman is installing large generators this week to allow the mall to operate autonomously if power continues to be intermittent.

When it opens its doors, The Mall of San Juan will have an estimated 50-60 tenants capable of serving customers, with additional tenants opening in time for the holidays. Of the anchor tenants, Nordstrom recently stated that the company is in the process of determining how to rebuild and reopen its store as quickly as possible. Saks Fifth Avenue has not yet provided publicly an update on the status of the repair and reopening of its store.

On Thursday, the community is welcome to visit to reunite with family and friends, relax and enjoy the climate-controlled environment and plug in. The center’s temporary hours will be 11 a.m. to 5 p.m. each day until normal business hours are resumed.

About Taubman

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.

About The Mall of San Juan

The Mall of San Juan is a world-class shopping, dining and entertainment destination featuring many distinct, unique to market retailers. The shopping center is located at the south end of the Teodoro Moscoso Bridge, five minutes from the Luis Muñoz Marín International Airport. For more information visit www.themallofsanjuan.com

Source: Taubman Centers, Inc.

Maria Mainville, Taubman, Director, Strategic Communications, 248-258-7469

mmainville@taubman.com

or

Nelly Cruz, Nelly Cruz & Associates, 787-691-3210

nellycruzpr@yahoo.com

or

Ryan Hurren, Taubman, Director, Investor Relations, 248-258-7232

rhurren@taubman.com

Back to top
TCO 45.13
Change+0.75(+1.69%) Volume: 1,292,520 April 7, 2020