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Mall massacre: 75% of shopping malls will be wiped away

Around the world, an Apple store is a sign of retail health. Here, in Palo Alto, CA. Photo: Smith Collection/Gado/Getty Images

The death of the U.S. retail mall will be worse than forecast — with just a quarter of the current 1,200 or so surviving, says former J.C. Penney CEO Mike Ullman.

Quick take: Until now, most experts have said that a quarter of the malls will close. But, speaking on a panel at a conference at the Dallas Fed on technological disruption Thursday, Ullman reversed the numbers, estimating that only about 300 malls will make it. The rest will close over the next five years, becoming victims of decades-long changes in consumer taste, including the recent impact of Amazonization.