But expanding specialty restaurants, like Panera Bread and Starbuck's, as well as new concepts, such as Gap Inc.'s Forth & Towne and Chico's Soma will be quick to fill those spaces – and could pay higher rents, they said. "It's great real estate," says Hap Stein, chief executive officer of Regency Centers, of the spaces some stores could vacate. "Long term, we'll see increased rents and increased operating income."

Industry observers have also kept their eyes on what will happen as a result of the mergers between Federated and May department stores as well as Kmart and Sears. Landlords say they see opportunities in both scenarios.

General Growth Properties has 14 Federated department stores closing in its portfolio of about 200 regional centers, and that will give the REIT the ability to replace those with better-performing department stores, outdoor lifestyle centers and big-box retailers, said Robert Michaels, the company's chief operating officer. "We think that there's a lot of opportunity at these centers. There was no need for Federated and May, long term, to have as many stores as they did."