Retailers reported a 0.5 percent increase in comparable store sales for November 2009. The modest increase was disappointing given the favorable comparison from the year ago period in which the world watched a severe financial panic unfold. The stark numbers lend credence to any theory that the American consumer is in the middle of the ugly process of deleveraging. Under this 'new normal', the consumer is adapting to a new reality where credit card balances are shunned, homes cannot be used as ATM machines, and shopping habits are dictated by needs over wants. Discounters thrived during the past month as Ross Stores and TJX Companies reported solid numbers. Drugstores continued to do well as Walgreen delivered items that consumers simply cannot cut back on. Nordstrom was the sole highlight among department stores as Macy's, Saks, and Neiman Marcus continued to muddle through this recession. The coming month will be critical for retailers. Although the worst of the financial crisis is likely behind us, we will be monitoring the severity of the hangover after a wild credit binge.