Retailers face a big challenge this fall: figure out what 'value' means for shoppers

Price is only one aspect of an increasingly competitive value equation for US shoppers.

Michael M.

Santiago/Getty Images Retailers face a new challenge: convincing consumers they're getting real value—not just low prices.

Major store chains report results this week and delivering value is in the spotlight.

New research suggests shoppers are becoming more selective, with quality, convenience, and trust mattering alongside price.

Heading into the fall, retailers will need to shift their emphasis more toward offering a better value for cash-strapped households.

While retail prices are relatively straightforward things, value is harder to nail down as households are continuing to look for ways to get the most out of their limited dollars.

Other areas of the economy are navigating this shift, including fast food and consumer products , and this week the major retailers will provide the latest update when they report quarterly results.

US retail sales dropped 0.6% in July, according to Census data published Friday, and an EY-Parthenon survey published last week found more than half of households didn't save any money in June.

"For retailers, demand remains intact but increasingly selective, making value, affordability and clear differentiation more important than ever," Will Auchincloss, EY-Parthenon's Americas retail sector leader, said in a statement.

McDonald's learned this the hard way when the burger chain rolled out a new under-$3 menu that led some locations to effectively raise prices on certain items.

At the same time, the company took away some discounts that impacted digital loyalty customers.

As a result, McDonald's saw US sales growth slow.

"That ended up being a bad trade," CEO Chris Kempczinski said.