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
Rick Caruso (Getty, iStock)
Big on Bitcoin: Caruso now largest real estate firm to accept rent in cryptocurrency
Big on Bitcoin: Caruso now largest real estate firm to accept rent in cryptocurrency
PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
TPG Capital selling SoCal-based Gelson’s Markets
TPG Capital selling SoCal-based Gelson’s Markets
Rick Caruso and 21528 Pacific Coast Highway (Getty, The Agency)
Rick Caruso asks $40M for Malibu beach house
Rick Caruso asks $40M for Malibu beach house
MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Shovel-ready site in Silver Lake trades for $3.5M
Shovel-ready site in Silver Lake trades for $3.5M
(iStock)
LA County sued over commercial eviction moratorium
LA County sued over commercial eviction moratorium
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)
Contractors pull out as Oceanwide Center sale falls through again
Contractors pull out as Oceanwide Center sale falls through again
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari
Industrious partners with landlords to offer tenants satellite workplaces
Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske
Northwestern Mutual picks up Santa Monica office campus for $166M
Northwestern Mutual picks up Santa Monica office campus for $166M
arrow_forward_ios

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

Loading...