The industry can thank Amazon.com for demonstrating that to be successful today, retailers must embrace online and off-line shopping, mall owner Rick Caruso said in a CNBC interview.
Amazon’s decision to open physical stores "tells us that a hybrid model where you have digital and you have [brick-and-mortar] retail is very important," Caruso said.
Moreover, Amazon knows the value of "the social interaction with their customer," he said. "The sense of discovery and the sense of experience is critical to an overall retail strategy."
By Edmund Mander