through a very vere shock period really, october, november, decber of st year where we had probabl overrrected to the downside relative to wh we consider to a new normal of spending. >> reporter: but jt what will thatew normal of spending be? todas confiden numbers indicatet will be above rrent levels. but below its foer peak. >> we don't ally anticipate that they'll go ck to spending levels that we saw itwo thsand and seven because so much of that was driven available credit, veryasy credit terms, people ting equity of the valuof their real estate. it was a lot of aspiratial living, livingeyond one's mean >> rorter: that new normal should mean good news fothe big x stores where value is the proposition. buthe experts say it also will be good for speciay retailers that can really differtiate their line >> the retailers who wthink are going to win will behose reilers that are wowing the customer. putting fashion inheir stores that ireally covetable, must have fashion that consers just can't rest. so that long term is what we ink is the winning strategy. >> reporter: greenberger ss most american