Rick Caruso to Amazon: Bring it on

“Good brick-and-mortar is going to flourish," says Grove owner

TRD 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
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
CA warehouse rentals for e-commerce is booming, according to survey

SoCal developers see boom & bust in different markets in 2022

SoCal developers see boom & bust in different markets in 2022
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!
From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Rexford Industrial adds to LA portfolio with $100M in acquisitions
Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more
3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Luzzatto Co. assembling creative office hub in West Adams
Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

Faring makes $30M assemblage play on WeHo/LA border
arrow_forward_ios

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

Loading...