Plain White T-shirt for $7 or $70? How the Wealth Gap is Changing Retail

The growing wealth gap between the richest and poorest Americans is increasingly creating a shopping chasm between those who are trading up and those who are trading down, experts say. What's missing is the middle.

"There is a two Americas kind of thing going on," said Chris Christopher, director of U.S. and global consumer markets for IHS Global Insight.

The result is a retail marketplace in which even basic goods like socks and razors are becoming either incredibly cheap or extremely expensive, experts say