Long before retail was impacted by social distancing, the American mall was fighting for survival. Early signs of this were everywhere: perpetual discounting and promotion, insufficient staffing, stale inventory, and outdated storefronts. A number of these retailers are highly-leveraged assets, a culprit even a junior financial analyst could identify. As a result, a deluge of layoffs and closures began within two weeks of foot traffic falling. What will a healthy retail ecosystem look like when normalcy returns?