Rick Caruso walks at a fast pace as he shows the Financial Times around his latest retail development in Glendale, California.

The grand opening is only weeks away but the 15.5 acre complex in the heart of the city looks as though it needs a lot more work. The floor has yet to be laid, the frontages of many of the shops are not yet in place and the tram tracks that run through the site are being laid as we walk by.