If a long-delayed demalling actually does get underway, this is how the new and improved "mixed-use environment" could be configured. The mall between two anchors would be bulldozed (again), with a tree-lined grid of streets created. New retail, residential and entertainment structures would be built. Unfortunately, Macy's will not be one of the retail stores in the new complex.
A rendering of the prospective LANDMARK, which promises to be a "walkable, mixed-use urban village".
Drawing from http://thenewlandmark.com / Howard Hughes Corporation