Find in the news:
BY COUNTRY

This Billionaire Mall Owner Welcomes The Competition From Amazon



Rick Caruso sure that Amazon forces retailers to be smarter and know their customers better.
When you’re faced with some stiff competition from a formidable foe, there are a couple of different paths you can take. First, you can continue with a mindset of business as usual. If your model is strong enough, you may weather the storm. However, there is a risk that your foe will become even more active and render your model obsolete. The second approach calls for you to make some calculated changes in the face of competition, but the rewards can be much greater. The model may become even stronger, and the knowledge you gain along the way can insure you remain in the game for the long run. 

As Forbes shares, it sounds like the latter act is the one that billionaire mall owner Rick Caruso recommends. Caruso sees the substantial market share being gained by Internet giant Amazon, and he’s essentially saying that it’s go time. 

“Amazon has been great for retail,” he said during a recent interview at the Milken Global Conference in Beverly Hills.

The Grove

Caruso’s most valuable asset is The Grove, the breathtaking outdoor mall and tourist destination in Los Angeles. Needless to say, we’ll trust that he knows what he’s talking about. The Grove continues to pack them in, and while it holds the advantage of being located in a hotspot for retail, the curated concept can be replicated in smaller markets as well. 

He notes that successful companies such as Amazon “forces retailers to be smarter and know their customers better.” 

That’s a fantastic point, and businesses that share a similar mindset as Caruso will continue to thrive in today’s environment. Quite simply, brick and mortar continue to offer up something that Amazon can not: an experience. That’s partially why you hear so much talk about creating an environment conducive to even more experiences of late, and it’s a concept that owners and landlords would be wise to be mindful of.  

“You’re not going to save indoor retail. Four years ago I said the malls are going to die unless you reinvent them,” Caruso continued. 

That’s a fair point as well. Those that choose not to adapt and change with the times place their businesses in peril, and we’ve all read the obituaries of those that decide to follow that path. As Caruso explains it, “good brick and mortar are going to flourish,” and we’ll add to that by saying that great brick and mortar companies will continue to thrive. 

Related shopping malls and stores:

More about shopping malls in the USA



YESTERDAY, China:
Zhuhai Wanda Commercial Management Group filed for an IPO on the Hong Kong Stock Exchange.
DAY BEFORE YESTERDAY, Finland:
Lippulaiva declared K-Supermarket, Prisma, Lidl, and Tokmanni as anchor tenants.
DAY BEFORE YESTERDAY, USA:
About 200 terminals to sell bitcoins were installed in stores operated by Walmart.
Oct 22, 2021, USA:
Cyber-sports arenas, basketball courts, and aquariums are replacing storefronts and retail spaces.
Oct 22, 2021, USA:
The video host will host a week of "live shopping" as part of its "YouTube Holiday Stream and Shop" event.
Oct 21, 2021, India:
Flagship stores at the mall include Diesel, Replay, Hugo Boss, Emporio Armani, and Paul Smith.
Friend
and Follow
Shopping City Süd GLA:1 862 156 SF
ADDRESS: Europaring 2334 Vösendorf
Austria . Vienna
Shopping City Süd
Silesia City Centre GLA:699 654 SF
ADDRESS: Chorzowska 107
Poland . Katowice
Silesia City Centre
Mall of Tripla GLA:914 932 SF
ADDRESS: Veturitie 13
Finland . Helsinki
Mall of Tripla
Adigeo GLA:452 084 SF
ADDRESS: Verona city center
Italy . Verona
Adigeo


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us