This is a redevelopment concept sketch I did many years ago before it was obvious the mall was failing. I did it for fun and was inspired by all of the under utilized parking areas - even at Christmas when the mall was pretty busy.
My idea was to retain the existing enclosed mall and add a mix of uses to the parking lots. The gray rectangles are parking structures wrapped with VMU (brown) and multi-family (orange) buildings as well as commercial pad sites (red) to help better define the perimeter roads.
It isn't a pure new urbanist scheme that relies on complete redevelopment, but it illustrates how you could add substantial square footage and the vitality of a mix of uses without substantial impact on the existing uses.
At this point, I would go with a more aggressive repositioning, but I think it shows how much potential the site has.