When I was a kid, my mum would often go to the local shopping mall when she was stressed. She called it "retail therapy".

It confused me greatly though, because she never bought anything. If I was unhappy, a brand-new football or baseball cap would usually do the trick. But she didn't buy anything.

Later, of course, I found out that she simply enjoyed the experience: a coffee and cake, browsing through sweet-smelling stores, and trying on new clothes.

Experts are warning that while department stores and shopping malls are likely to be around for decades to come, they are now officially under threat.

What's all the fuss about?

When you're out-and-about and you stumble across the aftermath of a car accident, or some other incident, you generally find people gathered around talking about what's just happened.

That's kind of what's happening in the retail sector right now (both online and with bricks-and-mortar shops).

The accident, if you like, is the continual decline in the share prices of big retail names like Harvey Norman, JB Hi-Fi, and Super Retail Group.

In the year to date, data from Morgan Stanley show Myer's stock price is down 30 per cent, JB Hi-Fi has lost 15 per cent, and Harvey Norman's shares are down 30 per cent.

Myer drew some attention just last week when it delivered some less-than-pleasing financial results to investors.

Total sales for the 13 weeks to April 29 fell 3.3 per cent to $653 million. Like-for-like store sales fell 2 per cent, deteriorating further from the 0.5 per cent decline in the second quarter.

There's a wider trail of damage too.

Official figures from the Bureau of Statistics show total retail sales went backwards in December, February and then again in March. That includes online purchases, which make up 4 per cent of total sales (though the economists at NAB think it is more likely 7 per cent).

The department stores' category in the official retail numbers show shopping malls recorded their ninth consecutive monthly decline with March -5.6 per cent.

A Citigroup report summed it up well in a recent research paper, noting that "the retail sector is verging on recession".

"Retail sales numbers are now just 2.1 per cent higher than the same level of last year. This is the slowest growth rate in almost four years," Citigroup said.

During Myer's trading update, the chief executive said: "This is the most sustained period of subdued consumer spending that we have had in a long time."

So it's clear foot traffic through stores and clicks of products online are declining.

Why is this happening?

Brian Walker, from consultancy firm The Retail Doctor Group, described the Australian retail sector as experiencing a "perfect storm".

There are two main forces producing this "storm": multi-national e-commerce businesses and a "weakened" consumer.

Let's look at this ongoing consumer malaise first.

We know consumers have struggled to spend up over the past six months. That's due in part to record low wages growth, growing underemployment, and the rising cost of living (including record levels of household debt).

At a very basic level, consumers simply have less money to spend.

The big-name stores like Harvey Norman, JB Hi-Fi and Myer are all feeling this.

But while fewer people are visiting shopping malls and department stores around the country, and clicking online, it's what's around the corner that's causing most anxiety in the retail space.

Enter the multinational, locally-based e-commerce distributor.

A research note from global investment firm Credit Suisse last week predicted the arrival of TK Maxx and Amazon in Australia later this year that would be "all too much for Myer".

But Myer is far from alone in terms of the threat posed by evolving digital shopping malls like Amazon.

Super Retail Group chief executive Peter Birtles recently told a conference that 50 per cent of top-selling products at Super Cheap were already online at Amazon, and 80 per cent of top-selling products at Rebel Sports were already online with Amazon.

Roger Montgomery manages more than $1 billion worth of funds for his clients at Montgomery Investment Management. He speaks with retail bosses as part of his investment research.

He told the ABC retail bosses were sweating over the arrival of Amazon.

"I get a sense that retail bosses are putting on a very brave face," Mr Montgomery said.

"I also get a very strong sense that there's not a lot that they're able to do in response to the Amazon threat, particularly if their only offer is assortment and price.

"Really that's where Amazon is going to win."

Here's the timeline of decline

So, are we going to find the big shopping malls many Australians retreat to for their retail therapy reduced to a pile of ashes by the end of the year?

Of course, that's not going to happen. However, the big-name retailers that make many of our shopping malls what they are, are under threat.

The big threat, as mentioned, is the arrival of Amazon in Australia later this year. Analysts argue Amazon will try to attract a growing number of Australians who want the same products they've always chosen, just cheaper (it will be cheaper because Amazon Australia will try to deliver goods cheaper than the big-name retailers).

Disruption assumes change

"Digital disruption" led to the closure of many Blockbuster stores, before the company eventually filed for bankruptcy. DVDs threatened VHS sales, but the franchise adapted. It also incorporated Blu-ray discs. The arrival of Netflix and Redbox though proved too much.

While it was fun to browse the shelves of videos in the stores with friends, or a date, and grab some popcorn on the way out, ultimately the consumer chose to stay at home and download instead.

There are several factors keeping shopping malls alive in 2017. They include the social aspect, escaping the kids, trying on new clothes, being able to touch and feel whitegoods, and sitting on a couch or a chair that you fancy.

The question is: how far will the likes of Amazon have to go, in terms of the online shopping experience, to make it preferable to going into local stores and their online portals?

I suspect there's no substitute for shopping malls.

Some of the companies you have come to know and love, though, may well not survive.

The Retail Doctor Group's Mr Walker predicts that department stores, as we know them, will be extinct within 50 years.

Therapy for the therapist

The digital world has disrupted the taxi industry, pizza delivery, the media, and hospitality services to name just a few.

The retail sector is now under threat more than ever, especially as consumers look for cheaper alternatives when buying goods and services — a demand met by large, low-cost e-commerce businesses.

It seems the retailers themselves are now in need of a bit of therapy.