America has too many malls.

It’s a problem that has vexed Wall Street and is an even darker cloud hanging over stocks known as real estate investment trusts, or REITs, which are the landlords for much of America’s retail properties.As sales by internet retailers grow, though, there could be one class of REITs poised to benefit, Jefferies analyst Jonathan Petersen wrote in a note to clients Friday.

While there is a glut of malls, there aren’t nearly enough warehouses across the U.S. to support internet retailers like Amazon, Petersen said. “[R]etail sales are not in decline, but rather shifting toward e-commerce retailers who require large amounts of warehouse space.”

Source: America is over-malled, but not enough warehouses to support Amazon