Mall landlords are becoming the masters of reinvention. After two high-profile swathes of store closures by Sears and JCPenney, landlords are getting creative to fill the big boxed-sized voids that are cropping up in regional properties that are not top performers. Strategies range from something as simple as re-dividing space to the more dramatic plan of tearing a property down and just starting over.

For many average or subpar malls, the crowds have been dwindling for....

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