Jackie Levy, chief financial and revenue officer at Caruso, is steering one of Los Angeles’ most prominent retail development firms through an ambitious expansion phase while simultaneously orchestrating the resurrection of Palisades Village following devastating wildfires. With nearly two decades at the company, Levy has witnessed the evolution of experiential retail and now stands at the forefront of Caruso’s bold vision to double its portfolio.
From Grove Assistant to Executive Leadership
Levy’s journey with Caruso began humbly as an assistant manager at The Grove, the iconic Fairfax district shopping destination. His first encounter with the property as a college student returning from San Diego State University left an indelible impression that would shape his career trajectory.
The experience evoked emotions he had never associated with traditional shopping centers. That initial spark of wonder guided his ascent through various operations-based positions before reaching his current executive role in 2021. Now overseeing finance, revenue streams, brand partnerships, and retail leasing, Levy commands a comprehensive view of the company’s strategic direction.
Navigating Pandemic Challenges with Community Focus
When Levy assumed his executive position during the height of the COVID-19 pandemic, retail landscapes faced unprecedented disruption. Traditional shopping centers shuttered, and consumer behavior shifted dramatically toward e-commerce platforms. However, Caruso adopted an unconventional approach that prioritized community connection over immediate financial returns.
Rather than closing properties entirely, the company maintained public access even when retail tenants couldn’t operate. Landscaping crews continued their work, fountains kept flowing, and music played throughout empty corridors. This decision generated countless expressions of gratitude from community members seeking respite from isolation.
The strategy reflected Caruso’s fundamental business philosophy: enriching lives rather than merely developing real estate. While financial performance remains crucial, Levy emphasized that capturing “heart share” drives the company’s decision-making process.
Unprecedented Retail Demand Fuels Growth
Current market conditions have created extraordinary opportunities for Caruso’s portfolio. Levy disclosed that the company faces approximately one million square feet of unfulfilled retailer demand across its properties. This remarkable figure underscores the competitive advantage Caruso maintains in an evolving retail landscape.
Three Caruso properties rank among the nation’s top ten in sales per square foot, a metric that attracts premium tenants willing to pay higher rents for access to proven customer traffic. This performance creates a virtuous cycle: strong sales attract desirable retailers, which enhances property appeal, driving further traffic and revenue growth.
The company has achieved nearly double-digit organic growth in net operating income, with compound annual growth rates reaching approximately twenty percent. These figures stand in stark contrast to the broader retail real estate sector, where many traditional malls struggle with declining occupancy and relevance.
Adapting to Generational Shopping Preferences
Understanding that roughly eighty percent of Generation Z consumers prefer brick-and-mortar shopping experiences over purely digital transactions, Caruso’s leasing team curates tenant mixes that emphasize experiential elements. The company rejects the conventional mall operator approach of simply filling vacant space.
Each prospective tenant faces rigorous evaluation: Does this retailer serve as an independent draw? Will their presence provide consumers another compelling reason to visit? This selective philosophy maintains property distinctiveness and prevents the homogenization that plagues many shopping centers.
Pop-up activations and cultural programming complement permanent tenants, creating dynamic environments that reflect contemporary trends without chasing fleeting fads. This balance between stability and innovation has become a hallmark of Caruso’s operational strategy.
Expanding Beyond Retail with Mixed-Use Developments
Recognizing the symbiotic relationship between residential and retail components, Caruso has aggressively pursued mixed-use development opportunities. Luxury apartments and condominiums now complement shopping experiences at The Americana at Brand, while the 8500 Burton Way project integrates high-end residential units with ground-floor retail.
The logic proves straightforward: residents appreciate immediate access to dining, entertainment, and shopping amenities, while retailers benefit from a built-in customer base. This mutually reinforcing dynamic enhances both property values and tenant performance.
Future residential projects include The Commons at Calabasas and the Miramar Resort in Montecito, with groundbreaking anticipated during the first quarter of 2026. These developments represent Caruso’s ambition to achieve recognition for residential excellence matching its retail reputation.
Palisades Village Resurrection Becomes Personal Mission
The January wildfires that forced Palisades Village’s closure presented Caruso with its most significant operational challenge since the pandemic. However, Levy views the reconstruction as an opportunity to exceed the property’s previous incarnation when it reopens in summer 2026.
Fashion retailer Elyse Walker will reestablish her flagship location at the property after losing her original store to the fires. Renowned chef Nancy Silverton announced plans to debut Spacca Tutto in August, signaling confidence in the area’s recovery trajectory.
Pre-fire data revealed that nearly seventy percent of Palisades Village traffic originated outside the immediate ZIP code, suggesting the property serves regional demand rather than purely local needs. The return of Palisades High School in January will bring three thousand families back to the community, while elementary schools also resume operations.
Levy described the reopening as potentially the ultimate accomplishment of his professional career, envisioning visitors expressing astonishment at the transformation. Beyond commercial objectives, he hopes the revitalized property inspires homeowners contemplating whether to rebuild their own residences.
Security and Cleanliness as Competitive Advantages
When discussing threats to retail success, Levy immediately identified safety and security as paramount concerns. Caruso’s substantial investments in these areas create environments where consumers feel comfortable spending time and money.
This emphasis on security extends beyond traditional loss prevention measures. Clean, well-maintained properties staffed with visible security personnel signal organizational competence and care. In an era where perceptions of urban safety influence consumer behavior, these investments provide measurable returns.
Strategic Growth Through Acquisition and Development
Looking toward the future, Levy anticipates Caruso doubling its size within five to ten years through a combination of ground-up development and strategic acquisitions. While specific targets remain confidential, the company actively pursues opportunities that align with its experiential retail philosophy.
The Los Angeles Business Journal interview revealed a company confident in its differentiated approach and market position. Rather than competing directly with conventional mall operators or e-commerce platforms, Caruso has carved a distinct niche focused on creating destinations that transcend transactional shopping.
Lessons from Two Decades of Retail Evolution
Levy’s tenure spans dramatic transformations in consumer behavior, technological disruption, and economic upheaval. Throughout these changes, Caruso’s core principles have remained constant: prioritize community relationships, maintain exceptional property standards, and curate tenant mixes that provide genuine value.
The outdoor, street-front configuration of top-performing properties validates design choices that emphasize open-air environments over enclosed mall formats. This preference has only intensified following the pandemic, as consumers gravitate toward spaces offering fresh air and natural light.
Community engagement begins before construction commences, with development teams conducting extensive outreach to understand local preferences. Dozens of town halls preceded Palisades Village development, with overflowing crowds at Palisades High School auditorium providing detailed feedback about desired amenities like movie theaters and grocery stores.
Defining Success Through Community Impact
While financial metrics demonstrate Caruso’s business success, Levy returns repeatedly to the company’s mission of enriching lives. This philosophy manifests in decisions that sometimes prioritize long-term community relationships over short-term revenue optimization.
The pandemic-era decision to maintain open properties despite closed stores exemplified this approach. Similarly, the commitment to rebuild Palisades Village quickly and ambitiously reflects values extending beyond profit maximization.
As retail real estate continues evolving, Caruso’s model offers lessons about the enduring value of physical gathering spaces that prioritize human connection alongside commercial transactions. In Levy’s vision, the future belongs to developers who understand that successful retail creates meaning beyond mere merchandise exchange.
