'15 years from now [the department store] business will be 50% of the size it is today.'

Last week, Macy’s announced that it will be closing up to 40 stores in the beginning of next year, a move many observers attribute to the downturn of the American mall.

But rather than blame the decline of American malls for Macy's decreased store traffic, Nick Egelanian, president of retail real estate consulting firm SiteWorks, instead blames the demise of the American mall on Macy's and its full-line department store cohorts.

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