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The top 10 American malls: Research firm

EDSA

Think the mall is dead? Then you must not have visited one of these bustling properties recently.

Amid an ongoing slide in foot traffic and a series of store closures by national retailers including Macy's and Sears, Green Street Advisors has completed its annual ranking of the top U.S. malls, which are thriving in the face of these challenges.

The firm once again compiled a list of the most productive malls, evaluating each center's sales per square foot (click ahead to see the top 10). However, as the retail space evolves, the research and advisory firm adjusted its broader formula to weight sales per square foot as heavily as nine other metrics, including location, the quality of its anchor tenants and market demand.

Traditionally, sales per square foot has been considered the most important metric when evaluating the importance of a retail location. But analysts have argued that as more sales shift to the web, other factors need to be considered, such as a store's role in fulfilling online orders.

Despite this shift, sales per square foot remains an important metric in gauging a center's health. Several of the names that earned a spot on Green Street's coveted list will be familiar to shopping center connoisseurs, including a family-owned luxury property in Florida. But the list also includes a few new additions, courtesy of the Golden State.

To see Green Street's list of the top 10 malls by sales per square foot, click ahead.

— By CNBC's Krystina Gustafson
Published 24 May 2016

* All sales per square foot data courtesy of Green Street Advisors

10. Ala Moana Center
Ala Moana shopping centre
Ann Cecil | Getty Images

Sales per square foot: $1,440
Location: Honolulu
Owner: General Growth Properties
Rank last year: 8

9. Century City
Westfield Century City mall
Al Seib | Getty Images

Sales per square foot: $1,457
Location: Los Angeles
Owner: Westfield
Rank last year: Didn't make top 10

8. The Village at Corte Madera
Village at Corte Madera shopping center
Justin Sullivan | Getty Images

Sales per square foot: $1,475
Location: Corte Madera, California
Owner: Macerich
Rank last year: Didn't make top 10

7. Woodbury Common Premium Outlets
Woodbury Common Premium Outlets
Emile Wamsteker | Bloomberg | Getty Images

Sales per square foot: $1,550
Location: Central Valley, New York
Owner: Simon Property Group
Rank last year: 6

6. Pheasant Lane Mall (tie)
Pheasant Lane Mall
Source: Pheasant Lane Mall

Sales per square foot: $1,595
Location: Nashua, New Hampshire
Owner: Simon Property Group
Rank last year: 7

6. Aventura Mall (tie)
(WT-de) Mistoffeles | Wikimedia Commons

Sales per square foot: $1,595
Location: Aventura, Florida
Owner: Simon Property Group
Rank last year: 4

4. Forum Shops at Caesars
Forum Shops at Caesars
George Rose | Getty Images

Sales per square foot: $1,615
Location: Las Vegas
Owner: Simon Property Group
Rank last year: 5

3. The Mall at Rockingham Park
The Mall at Rockingham Park
Source: The Mall at Rockingham Park

Sales per square foot: $2,170
Location: Salem, New Hampshire
Owner: Simon Property Group
Rank last year: 3

2. The Grove
The Grove outdoor shopping mall
Robyn Beck | AFP | Getty Images

Sales per square foot: $2,200
Location: Los Angeles
Owner: Caruso Affiliated
Rank last year: 2

1. Bal Harbour Shops
Bal Harbour Shops
Eugene Gologursky | Bulgari | Getty Images

Sales per square foot: $3,185
Location: Bal Harbour, Florida
Owner: Whitman Family Development
Rank last year: 1