In the case of apparel retailer Chico's FAS, which targets women over 35, management found that malls were no longer catering to the demographic it was trying to target, said Michael Elleman, that company's SVP of real estate. Malls have become more teen-oriented and the parking configurations don't allow for quick in-and-out shopping. "She doesn't want to battle the regional mall," Elleman said in respect to his company's 580-store chain with just 30% of its units in malls.

However, at the company's 280-store White House/Black Market concept, which caters to younger women as well as the over-35 age group, half in are malls and half are in open-air developments.

Some developers are trying too hard to force upscale lifestyle centers in areas that don't have the demographics to support those stores, Elleman said. "I think we need to be very careful in some of the greener areas."