The rumor that Wal-Mart is buying both specialty chains was used at an example during the sessions to demonstrate how a retailers' ownership group is far from permanent. In the case of Federated Department Stores' acquisition of May Department Stores, the deal will lead to the closures of 76 department stores.

"It is almost impossible to say who is ultimately going to be my anchor if I buy this mall," said Howard Samuels, president of Beverley Hills, CA-based developer Samuels & Co. In the case of the mall units Federated is closing, speakers speculated that Nordstrom could be a potential buyer. Another pointed out that Wal-Mart, which is increasingly looking for mall space, might want to go into some of those locations.

In the case of Mervyn's, which was acquired by Capital Partners Inc., Cerberus Capital Management, LP, and Lubert-Adler and Klaff Partners last year, a little bit of everything is going on. As previously announced the retailer is closing stores and exiting markets. But Joseph Fahey, vice president of acquisitions and asset management at Lubert Adler, said that his firm is also planning four new stores next year and is interested in buying and repositioning some centers in which Mervyn's is a tenant.