We are in the 17th month of a recession that has caused tremendous turmoil for retailers. Consumers' income, wealth and access to credit have been shaken, and their spending patterns have changed significantly. Retail sales are expected to fall throughout 2009. But industry averages and totals don't tell the whole story. Just as the speed and the impact of the downturn have varied by retailer, so will the speed and the impact of the recovery. This newsletter discusses how forward-thinking retailers can assess their specific circumstances, find ways to do well in the downturn and thrive in the upturn.