Retail, which has always been a canary in the coal mine with regard to the behavior of our overall economy, will now be under even more significant pressure this year. Retail does, after all, make up some 70 percent of the U.S. economy. The guarded prognosis, widely held by many, if not most, industry leaders, becomes even more problematic with a war underway in Iran. If this conflict becomes a “forever war,” inflation could become explosive.

What is unquestionable is the deep ambition of Asian retailers to create a significant physical footprint in the U.S. and Europe, bolstered by their breakneck expansion rates to date, proving that they can do it just because they’ve done it.