Invest in your customers.

First – hold the line on prices. Customers will become more price-aware, and more price-sensitive, as the recession progresses. They will rebel if they see unreasonable price increases. (Witness the reaction of TD Bank customer when presented with an unreasonable service charge on lines of credit.) Customers view gasoline prices as a proxy for transportation costs, and believe that general costs should decrease in line with their incomes.
Second - consider extending credit to your regular customers for durable goods. It will enhance sales (if not profits) and generate loyalty. Higher rates of risk must be accepted, but will be offset in the long-run by customer retention.
Third – retain adequate staff to provide optimum customer service.