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Looks at the prospects for an economic recovery in the second half of 2003 for the retail industry. Estimated percentage increase in July 2003 sales, according to economists, including a big push from cars and trucks; Impact of refinancing market from early in 2003 and the tax cut provided by U.S. President George W. Bush on the increased consumer spending; Meaning to be gleaned from the continued improvement in companies' gross-margin reporting; Analysis of gross margins from Best Buy, Lowe's, Home Depot and Wal-Mart Stores.

Reports on the retail sales figures for March 2003. View that March 2003 sales figures are not good; Impact of the Easter holiday not falling in March on 2003 sales figures relative to 2002 sales figures; Indications that the department store sector is lackluster; Companies doing poorly including J.C. Penney, Eckerd, and Sears Roebuck; Discussion of SunTrust and bank falling profit margins.

Discusses how some luxury retailers are trying to attract shoppers' interest by selling certain items in limited locations. Strategy of Tod's SpA, Milan, which plans to renovate its stores in Paris, Rome and New York City; How a minor retail revolution away from standarization at the high end started with Italy's Prada in New York City; Background on global expansion by international fashion houses; Focus of Gianni Versace SpA and Burberry PLC.