They're finding themselves in competition on all fronts.

There's no doubt that malls find themselves with increasing competition. They definitely have to distinguish and diversify themselves to keep consumers coming back — because they have a multitude of choices.

What are the retailers going to do? If they keep their inventory counts low, they will be able to ride out the season. It's going to be one of flat-to-moderate increase. But it's not going to be a disaster.

Retailers (now) want to be very visible from the roads they don't want (their customers) to have to traverse the mall to get there.

Now (older, indoor malls) compete with power centers, strip centers, lifestyle centers, big boxes, Internet shopping, catalog shopping, home shopping.

They have to be very chameleon-like and have to adapt to their environment.