Shopping malls form important links in the logistics supply chain. They have also been regular targets for terrorist attacks, especially assaults with bombs, outside of the USA, including attacks in the UK, Spain, and Russia, and there is concern that they may be future targets within the USA. To be commercially attractive, shopping centers have had to inherently 'open' areas with wide ranging access for retailers and shoppers and have been provided with copious car parking capacity. Their potential vulnerability is thus high. As in many areas involving security, however, the amount of economic analysis, even at the most basic level, of the issues involved in countering terrorist threats to shopping malls is very limited. This paper sets out a broad economic model indicating the nature of the challenges imposed on those trying to protect shopping malls from terrorist attack. It offers some indication of the quantitative scale of both the potential damage that a series of attacks could impose on society and the costs of initiating security measures. While the USA is the primary subject of analysis, the paper also ranges over the situation in several other countries where this is germane to the argument.