While last week’s announced closings of 78 Sears Holdings stores made headlines, the company has been quietly culling retail locations for years. But a new analysis of the department store sector concludes that Sears and other mall mainstays are far from finished with eliminating stores.

The Wall Street Journal reports on a study from real-estate research firm Green Street Advisors, which found that for Sears to reach its 2006 level of productivity, it would need to close 43% of stores.

A similar large-scale shutdown would need to occur at JCPenney, argues Green Street, which believes that retailer would need to close 31% of its remaining locations to get back to its pre-recession efficiency.

Nordstrom and Macy’s get off with less severe recommendations in the Green Street report, requiring cuts of 25% and 9%, respectively.

“Department stores used to be a great catchall for different brands, but today many of the brands have stores of their own, and shoppers can also find them online,” a senior Green Street analyst explains to the Journal.

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