April 11, 2018
Mall owner Rick Caruso doesn’t consider Amazon the shopping center industry’s kryptonite. In an interview with CNBC’s “Squawk Alley,” the owner of The Grove and The Americana malls said, “Amazon has been great for retail.”
He says that Amazon is actually pointing a way to success. “Competition just on price doesn’t work. You have to compete on knowledge. You have to compete on knowing your customer. You have to compete on being convenient,” said Caruso.
What Amazon has done for retailers is demonstrate how to innovate and be more effective in serving customers, notes Caruso. And those that evolve in the “right ways” thrive and grow. Caruso also cited Amazon’s push into physical stores as evidence that a hybrid model is key. That’s because the giant online retailer understands “the social interaction with their customer – the sense of discovery and the sense of experience is critical to an overall retail strategy,” said Caruso.
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