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It's only the latest iteration of a long painful slide, with secondary "B" and "C" malls taking the brunt. The 60-year-old Evergreen Plaza in south suburban Evergreen Park was torn down in 2015 and replaced with a smaller outdoor mall anchored by Carson's and Dick's Sporting Goods. The shuttered Lincoln Mall in Matteson is scheduled for demolition. The Huntley Outlet Center, which struggled for years, closed the last of its shops in March. Even glitzy State Street isn't immune—Macy's recently announced plans to lease the top floors of its historic flagship. Fewer than half of 17 malls in the Chicago area are profitable, Lord estimates. Retailers are on pace to close more than 8,600 locations this year, surpassing the number of closings during the 2008 recession. S&P Global Market Intelligence released a list of publicly traded retailers at risk of default in the next 12 months, which includes Sears Holdings and Bon-Ton Stores, the parent of Carson's and Bergner's. The woes are due largely to competition from Amazon and other online retailers, but also from off-price shops such as Ross, and fast-fashion retailers such as Zara.

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