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.

Source: • Chart: How Much Retail Space Is Too Much? | Statista

Take a look at the chart, here. Most of the world has 1/5th to 1/10th the square footage devoted to retail.

By EdwardM