As far as being a tenant, there are much lower start-up costs if you rent, and considering that your chances are 1 in 5 of making it 5 years, it is reasonable to not invest so heavily into a location for a start-up. Lots of businesses in strip malls do well. Depends on the business, the competition, and the local market conditions. There is no catch-all.

Famous Footwear has stores in strip malls almost exclusively strip malls. They have a reasonable business.