Office Depot's Former CEO Says Retailers Are Stuck in the 1950s, and They Must Do This to Survive

All hope is not lost for bricks-and-mortar retailers, if they act fast.

"If I were a retail chain today, I would be looking at the best in class internet-only business in my sector, and I would be using my cash flow to buy them and move as quickly as possible online," Steve Odland told TheStreet in an interview on Thursday. Odland is the president and CEO of the Conference Board's Committee for Economic Development, and former CEO of Office Depot (ODP) , AutoZone (AZO) and grocer TOPS Markets.

"But they've got to act fast," said Odland, "because they don't have time to build it."

That's the main way, says Odland, to attempt to combat the online success story that is Amazon (AMZN) which has bested Macy's (M) , Sears Holdings Corp. (SHLD) , Best Buy (BBY) and others in...