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The squeeze is getting tighter. For middle-income and working-class families — those inordinately impacted by inflation, higher costs on essentials like food and heating, and rising rates of interest — money for discretionaries similar to apparel and accessories is drying up. And that’s going to make 2023 a tougher yr than 2022 for a lot of retailers. Middle-income Americans are shopping cautiously and “strategically” anticipating a difficult financial road ahead. Feeling essentially the most pressure will probably be mainstream shops similar to J.C. Penney, Macy’s, Kohl’s, Von Maur, Belk and Dillard’s, and fashion specialty chains similar to Gap, Old Navy and H&M, They’re prone to lose those shoppers trading right down to dollar and discount stores and mass chains like Walmart, Costco,...