In 2017, Amazon bought Whole Foods, which gave it an existing infrastructure to move into the grocery business.

"If Amazon felt that they didn't need any locations, they wouldn't have bought Whole Foods," Rapkin says. "It could have gone out, identified sites all over the country, negotiated leases all over the country, built out new stores and been in the grocery business. But it bought Whole Foods. Overnight it moved into the grocery business."

After its foray into the grocery business, Rapkin could see the firm finding real estate, negotiating leases and building out stores if it wanted to sell other products through traditional brick-and-mortar retail channels. But buying an existing retailer could prove more efficient.

"If Amazon said it wanted some well-located real estate around the country in areas that are close to population centers and have a lot of square footage to combine distribution, it could make a bid for JC Penney," Rapkin says. "Maybe Amazon would want it to continue as a JCPenney brand and continue to sell certain things."

Amazon isn't alone. Warby Parker has also moved to brick-and-mortar locations. Among other things, having retail stores allows consumers to buy online and pick up at the store.  "You can name several internet companies who expanded into physical stores," Rapkin says. "Retail and online complement each other."

When e-commerce providers do decide to move to brick and mortar, Rapkin thinks the customer is the ultimate winner. "The customer is able to interact with them [the retailer] and shop any way that they want," Rapkin says. "It's omnichannel. It all has to work seamlessly in a way that serves the consumer in whatever way they want to be served."

Regardless of whether bidders for department stores are office landlords or online retailers, Rapkin thinks the purchase could make sense if the price is right. 

"I definitely see it as an attractive place for someone like Amazon," Rapkin says. "It's also an attractive purchase for the mall owner who can keep the store open and pay rent. The worst thing for malls is to have dark stores."