Heralding
it as first for real estate development companies, Caruso Affiliated CEO Rick
Caruso announced the formation of a Strategic Development and Innovations
division focused on helping retailers harness new technologies serve a complex
and fluid customer base.
“In
a world that is changing so rapidly, we need an executive focused on long-term
thinking, one that is not consumed by the crisis of the week, someone who
observes trends in a wider visionary perspective,” Caruso said.
That
someone is Caruso veteran Matt Middlebrook, executive VP of development the
last five years and one-time deputy mayor of communications and policy under
Los Angeles Mayor James Hahn.
Middlebrook
told Chain Store Age that no technology will go un-investigated during his
tenure. He says Caruso has already been considering advanced parking
technologies, geo-fenced loyalty rewards, enhanced security and safety
initiatives, and advanced mobile technologies covering shopping assistance, delivery,
payments, and smart home features. In his new undertaking, he will be
collaborating with academics and online retailers, as well as tech companies.
“Our
first priority is to assess opportunities and determine the best places to
begin implementing the newest innovations and technologies to benefit our
guests and tenants. Every day, there are new innovations that promise to change
the way we do all sorts of things, but we want to look at what truly matters,”
Middlebrook said.
Caruso
operates The Grove in Los Angeles, recently named by Green Street Advisors as
the second most productive shopping center in America with average sales of
$2,200 per square foot.