That's not to say all retailers have done a poor job of adapting, he said, pointing to the success of such specialty chains as Anthropologie, Starbucks and Zumiez, as well as the reinvention of such major players as JC Penney. "They started listening to the consumer," Lobaugh said. "They want differentiation, but it has to be relevant."

One way that the consumer landscape has changed is that we are now in a society that is less dictated by men and more controlled by women, who make 95% of the buying decisions in this country, according to Richard Foy, co-chairman of Communication Arts, a Boulder, CO-based design firm.

High gas prices, consumer credit-card debt, rising construction costs and a market saturation of restaurants have all forced Brinker International to reassess its business, said Shannon White, the restaurant company's director of real estate. "We are suffering from one of the craziest markets right now," she added.