Not to mention the network effects. If half the stores in a mall close with no new ones opening, that whole mall is going to go under, and it's going to damage all the stores in the process.

Plus everyone who worked at those closed stores is now out of a job.

plus everyone who serviced those stores has just lost a market. All that HR software you sale, all the consultants, all the property owners, all the insurance people, the janitorial and other support staff...