The head of Best Buy (NYSE: BBY) says that if consumers get hurt, so will his company's sales. But he held out some chance that the consumer would not stop shopping.

"We have never had to pull anything back in a significant way and don't see that on the horizon. Right now we see indicators that it's a tougher climate, but we don't see indicators to say that its likely to be a really difficult one," Brad Anderson told Reuters.

Mr. Anderson is clearly more upbeat than most retail CEOs. He sees interest in new consumer electronics keeping customers coming through his company's doors.

If Anderson is right, then Wall Street may be wrong. Shares in Best Buy are off 14% over the last month as Wall Street exits the retail sector.

Consumer electronics may be the one area that dodges the retail bullet. The sector did better than most for online sales during the holidays according to tracking services. Prices of game consoles and TV displays are coming down.

Perhaps retail chains are not all created equal.

Douglas A. McIntyre is an editor at 247wallst.com.