Retailers Emulate Wal-Mart's Focus On Necessities

"It's boring, and there's not much glamour," Perkins said. "But Wal-Mart has set the gold standard and the path to follow in recessionary times."

Merchants are realizing that if shoppers are going to keep spending less, stores need them to come in more frequently. And offering a greater range of necessities will help.

Wal-Mart has been one of few bright spots in retail since the recession began in late 2007.

Necessities like groceries and health and wellness items accounted for about 60 percent of Wal-Mart's revenue of $405.6 billion last year, bringing in about $243 billion.

Including Wal-Mart, the same-store sales index from the International Council of Shopping Centers-Goldman Sachs has averaged a 0.5 percent decline this year compared with last. Without Wal-Mart, the industry index would have fallen 4 percent. Sales at stores open at least a year are considered a key indicator of a retailer's health.

Similarly, first-quarter profits fell 12 percent this year compared with last year industrywide, and without Wal-Mart they would have dropped 17 percent — though profit the gap between Wal-Mart and the rest of the industry has narrowed as merchants increase cost-cutting, Perkins said.