The U.S. has far too much real estate devoted to retail:
According to Credit Suisse, the United States has more retail space than any other country in the world. With more than 21,500 ft² (2,000 m²) per 1,000 people, the U.S. leads similarly developed nations by a wide margin, not to speak of emerging markets.
Take a look at the chart, here. Most of the world has 1/5th to 1/10th the square footage devoted to retail.