A shopping area outside of a mall. Typically, a cluster of small, independent businesses offering a variety of services and products. Mallternatives tend to grow organically and are usually known by area residents and early adopters.
Wilma: "Where did you you get those great shoes?"
Betty: "I found them at this little store over on 11th street. There's a lot of cool, funky shops there. A real mallternative to where I usually shop."
Wilma: "A mallternative? What the hell is that?"
Betty: "Think about it dumbass."