REAL ESTATE

Taubman to launch construction of Mall of San Juan, marking Nordstrom and Saks debuts

BY Katherine Boccaccio

Bloomfield Hills, Mich. — Taubman Centers said Thursday that it will begin construction this summer on its 640,000-sq.-ft. Mall of San Juan, in San Juan, Puerto Rico.

Formerly known as Plaza Internacional, The Mall of San Juan will be a state-of-the-art, two-level, enclosed mall anchored by a 138,000-sq.-ft. Nordstrom and a 100,000-sq.-ft. Saks Fifth Avenue. It will be the first upscale mall on the island and the first and only location in Puerto Rico for both Nordstrom and Saks.

Taubman said the project is anticipated to include a Crowne Plaza hotel and casino, developed by the current land owner, New Century Development.

The $405 million shopping center will include more than 100 specialty stores and restaurants, approximately 60% of which are expected to be new to the island.

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FINANCE

Pacific Sunwear narrows loss in Q1

BY Staff Writer

Anaheim, Calif. — Pacific Sunwear of California reported Thursday a loss of $15.6 million, narrowed from a loss of $28.7 million in the year-ago period.

Sales edged up to $173.8 million from $171.9 million, and same-store sales increased 1%.

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FINANCE

Children’s Place profit slides 19%, beats Street

BY Staff Writer

Secaucus, N.J. — The Children’s Place reported Thursday that net income for the first quarter slid 19% to $23.6 million from $29.1 million last year, but beat Wall Street forecasts and prompted the retailer to raise the low end of its full-year outlook.

Revenue rose 2% to $438.5 million from $430.8 million, widely missing Wall Street’s expected $447.7 million in revenue, and same-store sales dipped 0.7%.

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