Ethical maturity and behavior are of great concern to all educators, firms, and investors, and even more so in a recession. This research surveyed managers and employees in the retail environment to measure their Personal Business Ethics Scores (PBES) to see if age, education, and management experience makes a difference in making more ethical decisions. The PBES measures personal commitment to integrity, honesty, and observance of the laws regulating current business activities. This research takes into consideration the respondents' age, management experience, and education. This study contributes to the theory of moral development as it is tested with retail managers and employees. The results of this research suggest that while age and management experience are significant factors, higher education may also play a role in the moral development of associates and managers. Kohlberg's moral development theory is supported by this research since older workers, more highly educated workers, and those with more years of management experience have a higher level of moral maturity.