Like you springy, I also well remember many of these cycles.  A point also is the fact that here in NSW we have just had an election and it is only a matter of weeks away before a Federal one.  People are scared to spend unless it is essential.  Job security is not great with many businesses shutting shop weekly.  Just this week in south western Sydney over 200 were advised that there jobs are to go in a couple of months.  Many people do not know how they will pay rent/mortgage, pay bills and feed kids in 6 months time. 

I would not like to be relying on retail in any form for my income.