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The results from some of the nation's top retailers show that Americans are still hesitant to loosen up the pocket books too much. Big firms like Wal-Mart (WMT), Abercrombie & Fitch Co. (ANF) and Macy's had disappointing results. On the other hand the luxury retailers overall beat expectations.

While April was pretty much a disaster with a drop of 1.9 percent in same-store sales, May was able to rise by 2.5 percent, although it was down from last year's May increase of 4.5 percent. Same-store sales figures are used as they're a more accurate indicator of the health of a retail store.

"It's a slowing trend that we have been seeing since February," said Michael P. Niemira, chief economist at the ICSC. Last year from February through April, same-store sales grew by an average of 4.1 percent, in contrast to only 2.2 percent in the same time period this year.

With June being one of the more important retail months of the year, everyone is looking closely to see if the slowing trend continues.

The major concerns of the weaker housing market and the higher gas prices is of particular concern to those stores that serve lower income earners like Wal-Mart. Obviously there will be less spending in those wage brackets when there is continuing pressure from higher prices.

Saks Fifth Avenue (SKS) especially shined among upscale stores as it increased by a healthy 37.5 percent in same-store sales, far better than the estimated 13.9 percent.

This comes from the high income customers that aren't affected by the housing market or gasoline prices.

Even though things look like they're slowing down in low-end retail, overall most analysts expect their to be steady, but moderate growth in the sector.