It doesn't. My focus is on the financials, so as long as AFFO is growing and estimated to grow, I trust that management is reacting and adapting accordingly. My preference is a diversified REIT portfolio, with exposure to real estate, office, industrials, so other segments as well.
Although brick and mortar retailers are struggling, my anecdotal observation is that I keep seeing malls full. Not trivial to find a parking spot. Boxing Day is still a thing. Teenagers still line up in front of certain stores before it opens to take advantage of promotions. Food court / restaurants continue busy. And it's also my observation that it's very hard to buy clothes or shoes online, so although Target or Sears are struggling, it's still a model that I can't see being fully replaced by the digital stores. Plus, there is real estate appreciation price. I believe that as long as the business remain well managed and diversified, the retail industry will find a way to keep afloat and competitive - and REITs will continue to be an attractive option for high growing income.