“Thousands of shopping centers will close. It’s a debacle,” retail expert Howard Davidowitz told Bloomberg in an interview. Retail real estate investment trusts (REITs) have fallen around 80%, but they're far from the bottom…

Mall vacancies are at a 10-year high. Huge retailers like Circuit City and Linens N Things have gone bankrupt. One advisory firm expects 200,000 more stores to close this year. And massive layoffs and record savings rates are only adding to the retail sector's problems.

Some of the big players in this sector are Simon Property Group (SPG) and General Growth Properties (GGP).

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Crux note: Porter Stansberry says shorting overleveraged companies, retail REITs being one sector, is "free money." To read his argument, click here.