NEW YORK — Facing six additional months of projected depressed spending, thousands of retailers converged in New York this week to listen to experts talk about wireless technology, the importance of customer relationships and global retailing.

        Considering the slowing economy, these might not be the primary issues of the industry these days. But the agenda for the National Retail Federation's 90th Annual Convention & Expo was crafted months before retail sales headed south, and so attendees listened to how people can one day use personal digital assistants to order televisions from an advertising flier, while probably wondering how to unload their winter stock.

        Against that backdrop, several of the industry's respected chief executives Monday chewed on a topic of evergreen appeal: how to create and maintain shareholder value.

        These days, with some investors seeking overnight gratification, delivering consistent, long-term value is more challenging than determining the whims of an affluent 16-year-old.

        “Shareholders are the owners of the company, and they would like to see a gradual but steady progres sion of the shares that they own,” said Walter Loeb, president of New York-based consulting firm Loeb Associates. “Today, we have to think faster, act faster and create shareholder value faster.”

        Speaking to a panel of esteemed CEOs, Mr. Loeb asked how they build value, despite the investors' agenda. The merchants said consistency in product, service and brand are the cornerstones of growth, while kowtowing to short-term investor pressures is a recipe for mud.

        “It's the surprises that upset everybody,” said George Heller, CEO of Canada's Hudson's Bay Co. “Don't create expectations that are almost impossible to achieve.”

        Or, as John Eyler, CEO of Toys “R” Us put it: “Telling the truth will go a long way.”

        But telling the truth or making promises involves more than what is said on quarterly reports and at shareholders meetings. A brand, for example, is a promise of what a retailer will achieve, said Gordon Segal, founder and CEO of Crate & Barrel, which is not public.

        “The emphasis should be on the product and the services,” he said. “We just sell product, make a profit and keep investing in stores.”

        Richard Steinman, managing director of Morgan Stanley Dean Witter acknowledged that investors are more interested in short-term gains.

        “Having the access to capital that the public has is a competitive weapon,” he said.

        Retailers have to learn to live with it. All executives agreed that consistency of good product and service should deliver stable growth. But that doesn't mean they ignore opportunities.

        By aligning with Amazon.com to conduct its online sales, for example, Toys “R” Us will save enough money to remodel all of its 707 stores over the next few years, Mr. Eyler said.

        It might not involve wireless shopping, but shareholders might still like it.

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