Here’s whats going to happen over the next 5-10 years. Everything tied to traditional malls will die.
Each time a “mall death” occurs it degrades the mall ecosystem and eventually the negative feedback will amplify exponentially and the 90-200 or so non-anchor store chains will all close quite quickly, probably within a few years.
Then assuming that none of the anchors die as a result of this process (for weakened anchors like Penny, Sears a significant possibility) the anchors will be robbed of the foot-traffic needed to survive and will then realize that they can’t close stores selectively because mall usage covenants irrationally impose extreme financial penalties for going out of business they’ll have no choice but to keep their unprofitable stores open and gradually bleed out in place.
These weakened institutions will not have the financial resources needed to re-orientate away from malls the way they once re-orientated towards them in the 70s-80s.