Caruso sat down with WWD to discuss TheGroveLA's reopening strategy and his outlook on economic recovery.
“You know what, we’re back,” said Los Angeles retail real estate impresario Rick Caruso, surveying the smaller-than-usual but not insignificant crowd on a recent weekday afternoon at The Grove, which reopened June 10. “We’re back,” he repeated for emphasis, eyes gazing out at his kingdom over a businesslike black face mask, while sitting at an outdoor table at a sushi restaurant.
Some retail tenants may be on more tenuous footing than others , but Lululemon just moved in, and construction is under way for a still-under-wraps store next to Nordstrom. There weren’t a ton of shopping bags on a recent afternoon, but there was a 20-plus person line to get into the Nike store and plenty of selfie-taking going on in front of the famed fountain.
R.C.: Conversion has been very high. People who are showing up are showing up with a mission in mind. The mission is to shop.R.C.: The smaller tenants and restaurateurs we have given a lot of relief to and support and we want to continue to do that. We will continue to support them until they get back in business. The larger tenants who have the wherewithal and capital to pay, we expect to be paid. But our collections have gone up dramatically, so we are doing well.R.C.
R.C.: Yes, and that was always designed to be a new format, a little more forward-thinking, smaller stores. It’s worked as designed better than expected and we want to do more. We just need to find the locations where we can do it.R.C.: The beauty of our projects, no matter where they are located, is they are open to everybody. We don’t put turnstiles on them. You look here and the Palisades, it’s every race, creed and economic status. Not at all. We’re probably the most democratic of anybody.
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