“The last two years was great for retailers because consumers were buying everything they had to offer,” Liza Amlani, founder of Retail Strategy Group, which works with brands on their merchandising and planning strategies. “They just can’t do that anymore. You have to understand what the consumer wants more now than ever.”

In July, U.S. retail sales were virtually unchanged, according to data from the Commerce Department released Wednesday. Excluding the sales of gas and cars, retail sales actually increased 0.7 percent. But 85 percent of U.S. consumers said that inflation is altering the way they shop, according to a survey released this week from Morning Consult.

Most retailers are hoping this pullback period is only temporary. In the meantime, companies are trying to signal to customers that it’s worth doing what spending they do in their stores. Kohl’s, for instance, said that its private-label brands outperformed the national ones it carries last quarter, and that shoppers gravitated toward buying more basic apparel that could be worn with many different outfits.

Retailers are also turning to the familiar strategy of discounting merchandise to entice shoppers to open their wallets. It’s one they didn’t have to deploy for most of the pandemic, when people showed they were willing to pay full price for a wide range of items. Target, Walmart and Ross Stores all said they have marked down goods in recent weeks. In turn, retailers like BJ’s Wholesale Club — even if they were content with their balance sheets — said they lowered prices on some categories in order to stay competitive. Robert Eddy, chief executive at BJ’s Wholesale Club, even said that the company was willing to “alter the scope and the depth of those promotions” for the holiday season.

The strategy of discounting might not actually get to the root cause, analysts say.

“There is a point at which lower prices don’t trigger incremental demand because the consumers already have it,” said Simeon Siegel, a managing director at BMO Capital Markets. “It’s not an indication that the company is dead. It’s not an indication that they’re never going to buy it again. They just need the time lag.”

Retailers need to realize that consumers are thinking differently, Mr. Siegel said. Some big-ticket purchases — like an exercise bike, living room couch or patio grill — will happen just once. In other cases, the amount of time between purchasing and replenishing will be longer. A person might now buy a candle every few months, compared to doing it every month in the early stages of the pandemic when they were home more often. And more people are choosing to spend their money on things like air travel and movie tickets this summer compared to last.

With all of these variables, lowering prices might not trigger the demand a retailer wants, Mr. Siegel said. It might simply just cut into a company’s profits.

For the stores that did see sales growth, like the big-box retailers Walmart and Target, most of that volume was attributed to higher food prices. Groceries have narrower margins than, say, a retailer’s private-label dress brand, and the shift in sales from one category to another affects the company’s overall profitability.

Along with pricing, retailers need to figure out how to deal with their inventory issues, especially with the all-important holiday season just a few months away.

“Getting through the inventory levels allows them to have a cleaner store, a cleaner supply chain,” said Bobby Griffin, equity research analyst at Raymond James. “They won’t be able to predict it perfectly, but getting through excess inventory will give them more flexibility to try to adapt to what the holiday is throwing at them.”

For all the challenges, some retailers saw a brighter path ahead. While inventory at TJX, the owner of the T.J. Maxx and Marshall’s chains, was up 39 percent for the quarter, the company said it was comfortable at that level because they had what shoppers actually wanted.

“They’re looking for an exciting treasure hunt, an entertaining shopping experience in stores,” Ernie Herrman, TJX’s chief executive, said in a call with analysts, “and along with that value equation, we continue to provide those two things.”

Isabella Simonetti contributed reporting.

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Frontier Airlines I.P.O. Signals a Travel Industry Recovery

“We just believe we’ve got more embedded growth, we’ve also got lower costs, and we believe we’ve got a great brand that positions us well in the low-fare space,” Mr. Biffle said.

The airline claims it is unique among low-cost airlines. While Spirit tends to serve more-crowded markets and Allegiant Air less-crowded ones, Frontier is more evenly distributed. The airline said it kept planes moving for more hours every day than most other major airlines and offers some flights only a few days a week, allowing it to serve smaller cities. In addition to Denver, Frontier has a big presence in Orlando, Fla., and Las Vegas.

Frontier also claims to be more fuel-efficient than its peers, which it hopes will appeal to environmentally conscious consumers.

The airline earned $251 million in 2019 before losing nearly as much last year. It has about $1 billion in cash or cash equivalents and employs about 5,000 people.

Deregulation of the U.S. airline industry in 1978 paved the way for the growth of low-cost carriers, which tend to operate direct, point-to-point flights, often to secondary airports in major cities — an approach pioneered by Southwest. That strategy makes it easier to put planes and crews to efficient use, allowing the airlines to offer relatively low fares. The more traditional hub-and-spoke model used by American, United and Delta is more expensive to maintain but easier to grow once established.

The ultra-low-cost model is a more recent creation, one that Europe’s Ryanair is often credited with popularizing. Companies that use it are much more aggressive about keeping costs low and maximizing revenue. These airlines tend to use their planes an hour or two more each day than other airlines and tend to cram more and smaller seats into planes. They also charge for lots of services that even many conventional discount airlines include in the ticket price, such as seat selection or printed boarding passes.

But larger airlines are unlikely to easily cede ground to Frontier and its ilk. In March, for example, United, which operates the most flights at the Denver airport, announced plans to add dozens of nonstop flights between small Midwestern cities and a handful of tourist destinations. Even before the pandemic, United and other large airlines were copying ultra-low-cost companies by offering lower fares and charging for more services.

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