The retail mall sector has sure had its woes over the past few years with the assault of the Internet, which is dramatically changing consumer buying patterns. However, of even greater impact is the financial distress plaguing two of the major anchors, J.C. Penney and Sears.

Green Street Advisors recently reported that 50% of the 1,050 indoor and open-air malls in the U.S. have Sears or Penney's anchoring the centers. Of that group, nearly 25% are seriously hurting with skyrocketing vacancy rates, and the specter of stores being shuttered as the operators try to cauterize the red ink.

The other concerning issue is that many of the weaker malls are the only game in town for a number of secondary and tertiary markets, and if they hit the demolition bin, the situation will further aggravate the communities' economic woes.