Here's a retailer who is doing well and, no surprise, it's a specialty retailer. What is Victoria's Secret? High (and growing) revenue per unit sold:

"The cheapest gift would be for about $100 and it's all uphill from there," said a company spokeswoman. That works out well for both for male shoppers and Victoria's Secret, given that the average man is expected to spend $126.96 on a Valentine's Day gift this year as opposed to $38.22 for women, according to the National Retail Federation.

Creative offers like this are helping drive up per unit revenue:

A popular option last year was personalized intimate apparel. "Rhinestone messages on lingerie are very popular on the West Coast," said Washington. "Men can personalize the garment with a personal message like 'I love you' or 'Happy Valentine's Day' using rhinestones."