Department stores — which were historically the most important real estate in the nation's malls — are a different story. Department stores are struggling to compete against new online direct-to-consumer competitors and smaller brick-and-mortar retailers that have been able to keep up with the ever-changing demand of consumers. Top-tier malls, known as Class A malls, are pivoting toward an experiential model, replacing department stores with grocery stores, casinos, gyms, ice skating rinks and, in some cases, even residential apartments. Lower-tier malls are feeling the effects of department store closures more acutely as inflation and economic pressures increasingly split consumers into two categories: luxury shoppers and discount shoppers. Watch the video above to find out more about how malls survived the death of the department store.

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Persons: Michael Guerin, That's, America's, Haendel St, Juste Organizations: . Department, JCPenney, Sears, Macy's, Mizuho Securities Locations: Macerich