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



TODAY:
The acquisition is expected to finalize by the end of 2024.
YESTERDAY:
Ariana Grande has been announced as the latest ambassador for Swarovski.
DAY BEFORE YESTERDAY:
The brand unveiled two significant retail landmarks in Paris.
Jul 15, 2024, USA:
The luxury brand has recently unveiled its latest retail venture.
Jul 12, 2024, India:
Crocs has entered into a strategic partnership with Apparel Group India.
Jul 11, 2024, USA:
Italian luxury brand Brioni has expanded its presence in Texas with the opening of a new store in Houston.
Friend
and Follow
Silesia City Centre GLA:699 654 SF
ADDRESS: Chorzowska 107
Poland . Katowice
Silesia City Centre
Jardim Pamplona GLA:118 403 SF
ADDRESS: R. Pamplona, 1704 - Jardins São Paulo
Brazil . Sao Paulo
Jardim Pamplona
Westfield Santa Anita ADDRESS: 400 S. Baldwin Ave. Arcadia, CA 91007
USA . Arcadia
Westfield Santa Anita
212 Istanbul Power Outlet GLA:753 474 SF
ADDRESS: Mahmutbey Merkez Mah. Taşocağı Cad. No:5 Bağcılar  /  İstanbul
Turkey . Istanbul
212 Istanbul Power Outlet


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