Definitely does not work. To the point where its actually hard to suggest it would be an improvement on the sea of surface parking today.
The points raised above, retail configuration, 'service road' design, walkability don't really require elaboration, they are all entirely correct.
I would add two further things and say, all the remaining surface parking must go. Not remotely negotiable.
Second, The mall as configured just doesn't make sense if you're trying to make a workable community around it.
The problem is both that it hides the mall from the Queensway, which the mall should directly address at some point; but also that the giant blob of a mall makes for very awkward pedestrian movement.
I would personally eliminate the road in front of the centre of the mall.
I would use that space to bring the mall out to Queensway.
I would do so by moving one of the department stores out, and building a signature, downtown-worthy flagship department store on Queensway, then a mall entrance/arcade beside it when on the other side had a tower with both street-facing and mall retail in it.
You then use the room freed up by dropping one of the anchor stores off one of the sides of the mall to create a more fine-grained street grid there.
If I were being entirely idealistic, I would redevelop another department store using the same conceptual pattern, but not at the exact same spot, allowing a fine-grained street grid on 2 sides of the mall.
The rear, highway-facing portion of the site, is best suited to 100% service/parking purposes and to mall expansion.