I think the American model of malls may be over. The model where there are crazy numbers of huge malls everywhere, even in relatively small populations. But malls are still hugely popular.

In Canada, where we have a lot less malls, they seem to be growing more popular. With renovations and extensions being built to attract and accommodate more shoppers. But there aren't that many major malls here, and they stick to major population areas. I'm always surprised the size of malls in small towns when I visit the US. Northwood, Ohio has a population of 5,000. That doesn't seem like it could sustain a mall the size described, even if you include the surrounding area and assume there's no other malls in the area.

I think the model will change, but malls will stay around for a long time. You'll have larger malls servicing more population, rather than malls for every town.