Panel speakers gave many examples of how the industry needs to change in order to keep up with consumers' desires. Part of the problem is sprawl, according to Paris Rutherford a VP at RTKL, who says many of the strip centers in suburban areas are plagued by sameness as a result of poor design and development. "Maybe 5% of [developers] are truly visionaries, and the rest are followers," he said. "The general retail experience, regardless of its format, is pretty shallow."

Paco Underhill, a founder of locally-based retail consulting firm Envirosell, said retailers' offerings are part of the problem. "Why is it that at one end of the mall a size 10 is one thing, and at the other end of the mall, a size 10 is something else?" he asked.

Malls also need anchors other than department stores, says Underhill, the author of the highly publicized book "Call of the Mall." Mall owners have luxury department stores as high-profile tenants under the assumption that they drive traffic, but "you can walk into a Neiman Marcus, and it looks as dead as a doornail, yet they've had a fabulous day," he said. Alternative anchors that could drive more traffic include Target and big-box sporting goods stores such as the Dick's Sporting Good's-owned Galyan's Trading Co.