Early Life and Education
Rick Joseph Caruso was born on January 7, 1959, in Los Angeles, California. His father, Henry Caruso, founded Dollar Rent-A-Car, which instilled an entrepreneurial spirit in young Rick. He received a Bachelor of Science degree from the University of Southern California (USC) in 1980 and a Juris Doctor (J.D.) from Pepperdine University School of Law in 1983.
Rise to Success
Caruso began his career as a real estate lawyer. In 1987, he founded Caruso Affiliated (now Caruso), a real estate development company. His early projects involved acquiring properties and developing them into successful ventures. Caruso is celebrated for creating unique retail experiences, focusing on community engagement and aesthetic appeal. His developments include The Grove at Farmers Market, Americana at Brand, and Palisades Village.
Key Business Strategies
Caruso's business strategy emphasizes creating captivating environments that attract and retain customers. He focuses on integrating retail with community spaces, landscaping, and entertainment. This approach has allowed his properties to achieve high sales per square foot and attract millions of visitors annually. His developments often feature unique designs and amenities to enhance the customer experience. Caruso’s company has grown nearly 20% annually since its founding.
Philanthropy
Rick Caruso is actively involved in philanthropy through the Caruso Family Foundation, which supports organizations focused on children's healthcare and education. He has donated to various educational institutions, including USC and Pepperdine University, and has supported initiatives such as Operation Progress. In 2019, he donated $50 million to Pepperdine School of Law, which was subsequently renamed in his honor. In early 2025, he launched Steadfast LA, a civic nonprofit organization dedicated to accelerating the rebuilding of Los Angeles after the wildfires.