KEY POINTS
  • At a time when stores have been closing due to the "Amazon effect," billionaire mall owner Rick Caruso says "Amazon has been great for retail."
  • President Trump has been attacking the e-commerce giant for putting other retailers out of business.

At a time when retail stores have been closing due to the "Amazon effect," billionaire mall owner Rick Caruso says "Amazon has been great for retail."

"What (Amazon has) shown us is a path to success," the owner of The Grove and The Americana malls in Los Angeles told CNBC's "Squawk Alley" on Monday. "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."