It's very low. The shopping malls (and even some strip malls) are suffering, and/or going away.
The large mall North from us is converting to affordable residential. The Grand Avenue Mall in Milwaukee is doing the same.
Many, many examples.
Anchor Stores like Bloomies and Macy's are teetering. Sears and Carson's are gone. JCP is close. Without anchors, malls can't make it.
Yeah, one of the malls near us was recently bulldozed. For a while they were talking about transforming it, but it would still be a primarily restaurant / retail plan. A couple years back they drastically reduced the retail portion, increasing the amount planned for office/residential spaces.
That was always one of the weaker malls in the area, but I can say a slightly more ritzy mall also nearby seems to have pretty weak foot traffic any time I've headed that way.
Malls are dying. Online shopping has really hurt them. Even now, I find my wife semi-frequently goes to the mall--but only because that's the brick & mortar location to return something she bought online and didn't fit or she didn't like. She doesn't actually go shopping there.
We have a couple that are still healthy. But generally they either have significant restaurant / nightlife options to draw people, or [in one case] is very high end shops that probably don't easily lend themselves to online shopping (i.e. Louis Vuitton, BVLGARI, Jimmy Choo, and a bunch of ones I can't recognize because I'm not a fashionista).
That said, I'm not sure we can look at the health of malls as a proxy for "the economy". It's not
necessarily that people aren't spending, they're just changing the mode of spending to more online and less physical retail. I would think overall consumer spending is the more relevant metric.