Brace for More of the Same in 2009, Experts Warn

Solomon also warned that retailers next will be confronted with the issue of inflation vs. deflation. Warning that retailers now must focus on deflation and jobs, the concern in the future will be a sharp rise in pricing within the next three to five years.

This year will be painful, Zandi said. “Prepare in 2010, but don't execute. Be ready to act in 2011 — there may be opportunities, especially globally.”

“We may see some growth in the early stages of 2010," Ullman said, urging the audience to be fiscally responsible this year, especially with tight inventory controls. And to his disappointment, cutting back on staff has become a necessity for most retailers.