"If you have not differentiated, advertising dollars work less well," Bishop tells GlobeSt.com. "Any sales generated from ads have to be offset by the prices the retailer needs in order to get (those sales). Stores need to be very clear-eyed about what they can do to drive incremental sales."

If the foundation for an effective marketing program has not already been built, Bishop suggests, "it's probably better to tighten up, control costs and batten down the hatches. Companies will be exploring lower cost ways to serve customers."

He points to a time when pumping your own gas would have been unthinkable. So would banking without ever talking to a person. "There will be a lot of shifting in the delivery of goods and services to a lower cost proposition," he predicts, stressing that the cost reduction cannot sacrifice the product or experience.

Bishop also sees opportunities in an increased bundling of services between brick and click. Citing Famous Footwear, he notes, "a lot of people order online. Order three pair; take back two." The retailer gets another shot, "while taking the two back to a store, the customer may buy something else," he reasons.

As gas prices head toward $4 a gallon, he points to another strategy on retailers' minds. "A store's adjacency and relationship to other retailers becomes increasingly important," he points out. On the belief that gas prices are unlikely to go down, he says retail chains and shopping center owners will be looking to provide consumers with a "more efficient driving loop."