[Wizened Variations]

I suspect a large equation could be derived linking the square footage vacant in US malls to:

A. The impact of WalMuck on retailing (now about 7% of ALL retailing in the US, and, this is rising).

B The impact of Amazon (don't have nickname yet) on the public's perception of what retailing is, i.e., educating the public into the "internet alternative." Amazon's recent move into local metro-warehousing while forcing them to pay local taxes, will also affect local brick and mortar store sales.

C. CriagsList has radically diminished newpaper advertising. This applies to advertising from local businesses as well as from individuals, because each type of ad revenue feeds on the other. The net effect for local business is greater cost to reach a smaller slice of the total market. Internet advertising by businesses is still a questionable return on investment for the local business (this also affects the Post Office, which already has been decimated by the effects of eMail)

D. Ebay. While a declining force in the internet sales arena, Ebay provided nation wide advertising for individuals, and, mom-and-pop businesses.

Add these factors to changes in demographics and the resulting reduction in economic growth rate, and, Malls (outside of a very few per metro-area) are redundant.