Looming Recession Effecting High End Stores as Well as Discount

There are indications in the economy now that a recession is coming soon, if its not here already. This past Christmas season was a disappointment for most retailers on the low end of the retail scale but this was also the case for the high end luxury stores as well. Nordstrom's, Tiffany's, and Saks 5th Avenue all reported less than spectacular sales numbers over the holidays.
Analysts believe that consumers are pulling back on their spending in anticipation of the looming recession. Consumers seem to be waiting for it like a hurricane coming towards the shore. Also people are saddled with a record amount of debt and concerns over the recent drops that have been experienced in the stock market in addition to the high energy costs for fuel and for heating, and also the ever increasing cost for food, which has gone up 4% on average this past year, the fastest rate of increase since the early 1990's.