Rick Caruso to Amazon: Bring it on

Los Angeles /
May.May 05, 2017 09:30 AM

As brick-and-mortar retail continues to face an assault from e-commerce, Rick Caruso says he isn’t shying away from the Amazon challenge.

“Amazon has been great for retail,” the billionaire developer, who owns the Grove shopping center, told Forbes Monday.

For one, he said Amazon has inspired a flock of other online retailers to open brick-and-mortar stores. One of those retailers, Warby Parker, is slated to move into a space near his Americana at Brand mall in Glendale, he pointed out. Secondly, the competition makes everyone better. It “forces retailers to be smarter and know their customers better,” he said.

Caruso said he expects a flight to quality amid the retail slump.

“Good brick-and-mortar is going to flourish,” he said. But “you’re not going to save indoor retail … Four years ago I said the malls are going to die unless you reinvent them.” [Forbes]Cathaleen Chen


Related Articles

arrow_forward_ios
The Godfrey Hotel in Hollywood and the Hyatt Place in San Francisco (Godfrey Hotel Hollywood, TripAdvisor)
California hotel buyers’ price per room goes up, deals down
California hotel buyers’ price per room goes up, deals down
From left: Harbor Associates' Joon Choi, Justin Loiacono, and Paul Miszkowicz with 30601 Agoura Road
Harbor Associates buys Agoura Hills office for lab redevelopment
Harbor Associates buys Agoura Hills office for lab redevelopment
Caruso CEO Rick Caruso (Illustration by Kevin Rebong for The Real Deal with Getty)
Rick Caruso to step down before election
Rick Caruso to step down before election
Los Angeles overflowing with shipping containers
Desert “port” planned to relieve San Pedro Bay congestion
Desert “port” planned to relieve San Pedro Bay congestion
Hackman Capital Partners' Michael Hackman and developer Rick Caruso with CBS Television City (Hackman Capital Partners, Getty Images, Google Maps)
Rick Caruso in spat over CBS Television City expansion
Rick Caruso in spat over CBS Television City expansion
Martin Katz and Fred Hayman building at 190 N. Canon Drive, Beverly Hills (GIA, Loopnet, Getty)
Martin Katz goes top-floor in Beverly Hills
Martin Katz goes top-floor in Beverly Hills
East End Capital's Shep Wainwright with rendering ADLA Campus (East End Capital, Grimshaw)
East End Capital eyes $1B film studio in Arts District
East End Capital eyes $1B film studio in Arts District
Blackstone's Stephen Schwarzman with 6700 8th Street, 22642 Lambert Street and 23512 Commerce Center (Getty, PS Business Parks, LoopNet)
OC portfolio with 1.1M sf part of Blackstone acquisition
OC portfolio with 1.1M sf part of Blackstone acquisition
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...