"The deBeers and Harry Winstons want stores in the right locations," added Debra Gunn Downing, executive marketing director of South Coast Plaza in Costa Mesa, CA.

Another critical component is merchandise, one that developers do not control, said William Taubman, COO of Bloomfield Hills, MI-based Taubman Centers. Developers are in the business of leasing and presenting retailers. If retailers are doing their jobs, they can continue to attract the more affluent shopper.

"Where there is newness, people will pay," Taubman said. "No one is questioning the cost of an iPhone."

In addition, these retailers also have a "secret weapon" Greenberg says: outlet stores.

"For Coach and Polo, it's a windfall," Greenberg said.

In addition, centers with a strong tourism base have something of a cushion, as the weak dollar is encouraging travelers from Europe, Asia, South America and even Mexico and Canada to take advantage of U.S. goods that are instantly on sale. Though the numbers are impossible to track, center managers report anecdotal evidence of increased numbers of affluent shoppers from Canada and Mexico, in particular, taking advantage of a favorable currency exchange.

"Because the hotels are so inexpensive, people are bringing empty suitcases," said Kate Cavaliere, senior manager of tourism for Macerich.

And property management has been working hard to promote the projects to tour operators and discriminating travelers, expanding on a trend of several years.

"We have always been a strong destination for tourists, and we spend a lot of time cultivating them," South Coast Plaza's Downing said. "Right now, we see this as a low-hanging fruit opportunity."

Developers are creating packages that feature private fashion shows, and extra services – South Coast Plaza will even close a store for a couple of hours for the most elite shoppers to browse privately. The lesson: even the wealthiest shoppers like something extra.

"Everyone likes a special offer. And both Carmel Plaza and Scottsdale Fashion Square have personal shoppers who take care of their every need," Cavaliere said. "They just loved that."

The result is that the better centers remain well leased, though rents are becoming more flexible, Greenberg says. Taubman reports strong leasing at his centers and South Coast Plaza boasts a 98% occupancy level, with several high-end tenants, including luxury jewelers including Harry Winston and deBeers, as well as designers Oscar de la Renta and Calvin Klein, opening this year. That continued expansion allows the luxury centers the chance to avoid compromising the integrity of the project by leasing to lesser space, Taubman added. And all emphasize that this is just another retail cycle, that smart companies will take advantage.

"There's a healthy regeneration going on," Greenberg said. "I wouldn't want to be a multi-brand mid-priced retailer right now. But it's a great time to reinvent your center."