Already, four shopping malls in China are larger than the Mall of America. Two, including the South China Mall, are bigger than the West Edmonton Mall in Alberta, which just surrendered its status as the world's largest to an enormous retail center in Beijing. And by 2010, China is expected to be home to at least 7 of the world's 10 largest malls.
It seems we are losing the mall race to China. One thing to keep in mind is while the disparity in come is enormous there, if just 20% are living a "middle class" life that's 260 million shoppers.
Also, suppose China becomes the destination of prestige for American serious leisure shoppers?