Kimco CEO David Henry went on CNBC to talk about the holiday shopping season. Regarding national retailers, he said they feel the worst is behind us.
"... They cut their inventory, learned to live with lower sales levels, they've cut their rents where they can. So they are feeling better about life, and so are we." ("We" is Kimco, the largest owner of shopping centers in the U.S.)
As for the "new normal," that's the idea that people are looking for value even if they feel better about their own financial situation. Such a concept is consistent with the fact that retailers currently succeeding have been cutting prices.
National Retailers Adapt to Consumers' 'New Normal' - CNBC