Rick Caruso

Contactless payments, click-and-collect and 3-D printing are just some examples of how the retail industry is embracing the latest technology in the hope of stopping the decline of traditional brick-and-mortar stores. In December 2013, nearly 20 percent of non-food items in the United Kingdom were bought online, according to the British Retail Consortium. In the U.S., meanwhile, suburban shopping malls are fast becoming relics, reminders of a bygone era when consumers shopped on foot and paid with cash. 

Don't call it a comeback, brick-and-mortar retail has been here for years. Yet it's on the verge of a "rebirth," according to Rick Caruso, founder and CEO of real estate company Caruso Affiliated. In a keynote speech to more than 4,000 retail professionals at the National Retail Federation's Big Show on Sunday, Caruso explained that the brick-and-mortar store should no longer just be a destination, but an experience.