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