L Brands (LB - Get Report)  stock is off nearly 11% after the company said it expects earnings to be at the high end of its previous guidance but below analysts' expectations.

But what really has TheStreet's Jim Cramer concerned is the company reported a 1% drop in comparable-store sales at its Victoria's Secret unit. Considering analysts were expecting the lingerie store to report a 4% increase in sales, this drop is "jarring," Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.

Cramer said investors had looked at Victoria's Secret as being a bulwark against the decline in traffic at mall stores. No more

There have been management changes at Victoria's Secret, but these results still took investors by surprise, said Cramer. If this store can have a drop in sales, what about other retailers? Macy's (M - Get Report) and Sears (SHLD  are now big concerns for retailer investors, and then there was Morgan Stanley's downgrade of Dick's Sporting Goods (DKS - Get Report) , which stands to gain from the bankruptcy of competitor Sports Authority.

How do you invest? Instead of retail, think mall operators such as Simon Property Group (SPG - Get Report) , which are actually doing fine, Cramer said. Apparel companies may struggle and close but new stores are taking their place in the mall and are selling products or services you can't buy easily online.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.