In response, mall owners are changing their platforms, increasingly adding additional sit-down dining, as well as quick service food and trendy eateries to attract consumers, says Wong. “This strategy also attracts consumers on a weekly or even daily basis, as opposed to the traditional mall format that focused on department stores, which attracted customers only seasonally. As large department stores continue to close, we are seeing landlords taking this opportunity to reposition theses large spaces. Landlords are increasingly focusing on retailers that will drive more consistent, and daily traffic to malls, and in addition to dining, they are now adding retailers such as specialty supermarkets and fitness centers.”

In addition, Wong says, most Millennials are seeking an urban lifestyle. “To meet this demand, many malls are now capitalizing on their property's size by becoming mixed use centers, adding residential, hotels and/or offices.”

Malls will never completely die, Wong concludes. However, in order to thrive, he says, “owners must focus on integrating the demands of the growing millennial market, focusing on dining and entertainment in order to create the urban lifestyle and mixed use environment that Millennials desire.”