Q&A with Rick Caruso

Retail Reimagined

Q&A with Rick Caruso

Feature Article

Retail Reimagined:

with RICK J. CARUSO

Founder and Chief Executive Officer

A renowned business innovator, dedicated civic leader and actively-involved philanthropist, Rick J. Caruso is the founder and Chief Executive Officer of Caruso, one of the largest and most admired privately held real estate companies in the United States.

CONEJOVIEW: : WHAT DO YOU THINK DRAWS GUESTS TO CARUSO PROPERTIES?

RICK CARUSO: We’re in the business of enriching lives and making people happy – we create beautiful places for people to enjoy. But people don’t only visit our properties because they’re pretty, there’s a lot of thought that goes into introducing tenants that will fulfill the needs of the surrounding neighborhood. We take great pride in our curated approach to leasing and creating destinations that serve the communities in which they live. At our core we really do get excited about making people’s lives better. And that is our fuel and it allows us to just have fun with what we do and enjoy what we build.

CV: MANY OF YOUR PROJECTS INCLUDING THE PROM- ENADE AT WESTLAKE, THE LAKES AT THOUSAND OAKS AND VILLAGE AT MOORPARK ARE LOCATED RIGHT HERE IN THE CONEJO VALLEY, WHAT KIND OF ECO- NOMIC IMPACT HAVE THEY PROVIDED FOR THE COM- MUNITY?

RC: All our properties have had a unique economic impact to the community. The Promenade at Westlake was a landmark project for us – we didn’t know what the ‘rules’ were to building a traditional mall so we unknowingly broke them all. We worked closely with the local community

and together, built a destination that redefined the traditional shopping experience. We introduced brands that previously didn’t have any presence in town like The Grill on The Alley and Cinepolis Luxury Cinemas. We have carried that philosophy on since opening and are excited that there is more to come at the end of this year.

If you look at Village at Moorpark, it’s a one-stop neighborhood destination for parents and business people alike to gather, enjoy the outdoor environment and start their day. Similarly, The Lakes is another beloved gathering place for locals and visitors to the neighborhood. The beautifully-landscaped lakes, playground and gardens provide the community with an extension to the City of Thousand Oaks City Hall not only through the diversity of public spaces but the multitude of restaurants and retailers on offer.

CV: YOUR COMPANY IS KNOWN FOR ITS FIVE-STAR SER- VICE STANDARDS, HOW DO YOU ATTRACT AND TRAIN TALENT THAT CAN DELIVER THAT GUEST EXPERIENCE?

RC: At the heart of what we do is a hospitality-first approach with a focus on customer experience. That being said, we pull people out of different industries very intentionally because I want to have them look at what we’re doing through a different lens. It makes it a lot more fun to do that.

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CV: HOW ARE YOUR CENTERS/TENANTS ADAPTING TO THE CHANGING RETAIL TRENDS?

RC: We develop the highest quality properties and redefine every asset class. We strive to provide unparalleled guest service while maintaining strong community relations. We’re all about the transaction becoming an experience. We strive to make the guest experience pleasant at every juncture. I want you to come onto our properties and feel transformed, like you’re in a better time and place. I care about market share; I also care about heart share. It’s an evolving approach; I believe that you can always do things better.

That being said, we also need to look at how we can teach differently and how we can teach outside the classroom and provide a fuller education. A part of education needs to happen inside a classroom, a part of education can happen online and a part of education happens by going out and doing things – getting a job, working, traveling. My advice would be to seek on-thejob training as much as you can and when possible, pursue a graduate degree. At Caruso, we invest in the future of our company through a robust summer internship

program – this year we had over 200 applicants go through our rigorous interview process. Our interns gain valuable insight into how our company operates and we allow them the opportunity to actively participate in projects throughout the summer season.

CV: CAN YOU TELL US ABOUT YOUR NEW ROSEWOOD MIRAMAR BEACH HOTEL IN MONTECITO AND THE COMPANY’S DECISION TO EXPAND INTO THE HOTEL BUSINESS?

RC: In many ways, Rosewood Miramar Beach was a natural evolution of my business. We have always taken

“AT THE HEART OF WHAT WE DO IS AHOSPITALITY-FIRST APPROACH WITH A

FOCUS ON CUSTOMER EXPERIENCE.”

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CV: WHAT DO YOU SEE AS THE BIGGEST CHALLENGE CURRENTLY FACING HIGHER EDUCATION AND WHAT ADVICE WOULD YOU GIVE TO COLLEGE STUDENTS TRYING TO FIND THEIR PLACE IN TODAY’S ECONOMY?

RC: One of the greatest challenges facing higher education is affordability and rising tuition costs. This presents a barrier to entry for middle- and low-income students who often have to make the choice between gaining a higher education or entering the workforce at what is now often perceived as a disadvantage. I firmly believe that higher education provides an invaluable foundation and that it’s the single greatest catalyst for opportunity.

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a hospitality-first approach to our retail centers - the concierge at The Grove, which we introduced nearly twenty years ago, was the first of its kind - and so to expand into the hotel industry was not only instinctual but also a lifelong dream of mine.

This particular opportunity in Montecito was both exciting and unique as there aren’t many places in the world where you can build 16 acres on the beach. My vision

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