Well folks, it's day three of GlobalShop 2012. But before we say goodbye until next year (Chi-town here we come!!!), we'd like to share some pearls of retail wisdom from today's distinguished keynote speaker Todd Hale, senior vice president of Consumer & Shopper Insights for The Nielsen Co.

Hale began the session, which was titled "Insights Into Our Economic Recovery: Tracking Trends That Matter," by pointing out that markets and consumers are driven by uncertainty. Currently, twice as many people are out of work than when the recession began at the end of 2007. To make matters worse, gas prices have elevated 37 cents from 2011, and 94 cents from 2010. And when gas prices rise, less consumers are eating out, spending money on discretionary items and more people are looking for coupons, sales and a good value.

So how are retailers responding? Well, more retailers are leveraging gas rewards in their loyalty programs (e.g. Kroger, Costco). And they're banking on popularity of electric cars in the future, which is evidenced by retailers incorporating electric car charging stations at their locations.

Hale also pointed out that people/households who make more than $100,000 per year have exited the recession. In fact, hardware, home improvement and some high-end department store retailers have seen recent same-store sales growth. However, those people/households who don't make more than $100,000 have not exited the recession, and as a result, some discount stores aren't seeing same-store sales growth.

But, "value is not just about low price, it's about the balance between price and benefits," Hale said. And advertising on price and product features alone doesn't work. Retailers and brands should keep in mind that what appears to work with consumers is humor and creating emotional connections.

With regard to retail trends and innovation, Hale said that value and convenience are winning, as evidenced by increased store count. Drug and small-box retailers are dominating the list of chains that are adding the most stores since the end of 2007.

Small-format-style stores also are driving a lot of interest for some retailers like Walmart, Whole Foods and Cabela's, to name a few.

But, it's not all about the small-format store: Toys "R" Us is expanding its superstore format and outlet malls are going mega!

To shift gears for a moment, Hale spent a good deal of time talking about how much food matters in terms of retail. If you're a food retailer that's already good news for you, but if you're not, you should think about how to get shopping dollars your way by leveraging consumers' love of and connection to food. For instance, Macy's is trying to connect with shoppers around food via its Macy's Culinary Council, and there's a Walgreen's in downtown Chicago whose first floor looks nothing like a traditional drugstore. It offers sushi, a selection of 700 different types of fine wine and much more.

Another notable trend centers around media and communications. For instance, Target enables shoppers to design their own digital view, create their own shopping lists and share them via social media. And grocery retailer Hy-Vee is putting how-to videos online of their own in-store chefs working their magic. There's also a ton more tweeting happening and a lot more QR codes. Macy's is using QR codes to deliver fashion tips to customers. 

Retailers also are responding to changes in consumer trends. Chipotle, for example, is experimenting with an Asian concept called ShopHouse, and Winn-Dixie has opened a Cuban-themed store in Miami. Another consumer trend is how much shoppers are willing to spend on their furry friends. That's right, Fluffy and Gizmo are two compelling reasons for shoppers to drop some serious loot on man's best friend.

Finally, what's in store for the future? E-commerce, club, dollar, supercenters and pet stores are the big winners!!!

Hale closed the session with some really interesting food for thought. He said Apple, Facebook, Google and Amazon are going to have a tremendous impact on retail. But the question is, how are they going to either enhance or disrupt the retail market??

There's only one way to find out … stay tuned!!

–Sarah Goddard