American retailers surely have a tough time ahead in general. But it is the retailers catering to the luxury segment, who will be the most desparete in coming months.
'Value for money' is the current mantra. It may change in future but in the short term, better value is the biggest driving force for business.
The only silver lining is that luxury retailers who focus on providing exceptional 'customer service' may barely survive this desparate downturn.
In contrast, retailers who are focussed on bringing better deals to the average consumer, may actually see decent profit in the current time.
My opinion is based on my +6 years of management experience in retail industry.