Without reinventing themselves, American shopping malls will be extinct within 10 to 15 years, the head of one of the nation’s largest privately held real estate companies told the National Retail Federation’s annual convention this week,  according to a CNBC report. In order to compete with growing online retail sales, physical stores need to focus on delivering an experience that customers cannot find on the Web, said Rick Caruso, founder and CEO of Caruso Affiliated Holdings LLC. Physical stores cannot only consider themselves to be in the retail industry, but need to embrace the hospitality industry as well. For more on how that trend is playing out at malls in Greater Des Moines, read this September 2013 Business Record article.