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Malls had a good 50 year run, and there are still plenty of malls that are doing good business and aren't overrun by undesirables. But a lot of them were built back in the 1970s or so and are showing their age, and remodeling them simply isn't worth the money.

The trend now is toward a faux town square sort of shopping complex, combining retail, restaurants, movie theaters and residential units in an outdoor environment. A few of these have been built in my area and they're doing great business. The irony is that they're basically trying to recreate the old time downtown shopping experience that the malls killed back in the 70s.

Well not one is saying so I will:

It is diversity that killed the mall. The mall worked well in the 1970s when it was a place for mom and the kids to go at night or the weekend, they could all shop on their own, be comfortable in summer (few had AC back then), warm in winter and there was shopping for everyone. Hobby shops for the boys, clothing for the girls. Most malls were 95 % white and reflected a high trust society.

Demographics changed through the late 1990s but the mall was still popular, though as time went on moms were much less likely to allow their kids to shop alone as they did in the 1970s. Starting about what 7 or 8 years ago, the flash mobs started to form at what had been mixed crowds. Once that happened women and their kids were no longer safe and so nighttime traffic dropped sharply. Young women who might have gone to the mall alone when they perceive it to be safe, (and likely account for the vast majority of browse and buy action) stopped going. last with the decline in cash form the 2008 economic crash, folks had less discretionary spending.

Now they build open Village malls in white areas once again, but eventually diversity catches up. The “New” open shop/ village format seems to work well as at least in the Christmas season, because in cold weather the flash mobs do not seem to form, at least here in the Northeast. Heck 25 years ago it was the same south street in Philly was pretty safe in January when cold, you did not go down in June. Why? well it has to do with diversities preferences in weather.

of course the above is not polite, but likely at least a major part why the shift in shop building.