A couple of other comments on recent conversations:
Wasn't Pacific Mall historically successful? I haven't gone in it for at least a decade at this point but I recall it doing fairly well in the 2000's and 2010's.
Also - US mall devolvement is much more advanced as the US has significantly more retail space per capita, despite generally similar disposable incomes (the US median household income is ~15% higher than Canada, but has much higher healthcare expenses to contend with).
That extra 6.7 square feet per capita would mean that a City like London would need an extra 3,600,000sf of retail space to match US averages.. That's equivalent to over 5 more Masonville Place malls.
So yes, malls like White Oaks and Masonville can still do well in Canada because they have 40% less competition than south of the border.
Anecdotally I think most of the US "overretail" is actually not in malls but rather in power centres - they have far, far more large-format power centre retail plazas from my experience than in Canada. Malls seem to be generally similar on a per-capita basis to Canada. I think American consumers just prefer power centres (does the better climate influence this?), which are also often struggling, leading to all asset classes underperforming.
It is also interesting to look at the amount of retail Canada and the US have compared to global trends - it really shows how much greater north american disposable incomes are than basically anywhere globally and how dominant large-format power centres are here compared to the rest of the world. Canadian incomes are lower than US