As a player, I prefer the world "grow" with my characters. I sort of enjoy having reasons to go back to old towns. Whether that's new stock in the shops, new quests, or just the town itself has updated with your deeds.
With my personal bias in mind...
I tend to offer the "beginner" stuff at the beginning. I drop "unique" stuff in chests (namely, anything you cannot ever buy). I drop better equipment as the player goes along in the newer shops... but also put "Side Grades" in previous shops. I tend to tie the shop progression to the "story progression". In this way, the player purely grinding does not get access to everything. If they want interesting stuff, they can complete more of the Main Story. Not every shop offers a new thing at every stage of the Main Quest, but at least one shop updates with each stage of the Main Quest completed.
In my current game, I've tied this "Tier Progression" to Player Choice.
What I did was put 80 "Guild Certificates" into my game. These are collectibles. You find them in Chests most often, or sometimes through Quest Completion. None of them are "missable". You will always have the ability to get all 80 of them if you want them. What this item does is "upgrade" a shop of the player's choosing. Some shops upgrade a single time. Some upgrade more than once. The upgrade will offer you better prices... new stock... upgraded equipment... whatever. There are more shops/upgrades than there are Guild Certificates. In this way, the player needs to decide who to spend these items on. To prevent players from just hoarding them until the end... many of the upgrades offer "shortcuts" to some items that you may not encounter again until midgame. If it's equipment, it's equipment you can obtain nowhere else. It might be a temporary upgrade or a side-grade (or an upgrade for a character you don't yet have

). I have one shop that offers nothing except "unique items". No other shop sells what they have, even the base items. Namely, they're consumables that also have combat buffs. They can only be used in combat. If the player does not think they'll ever use them, no need to invest in the shop. If they like the idea and want to use them, they can invest up to 8 times in order to unlock the entire stock.
Now, I do have the Shopkeepers tell the player what they will do with the "upgrade", but what happens is ultimately fairly vague. They may say "I can add some Accessories to my Inventory!" and then they'll have an assortment of Accessories. They may say, "I can improve the quality of the weapons I've got!" So, you know that their weapons might get a lot better. I don't outright tell the players what they will be getting (because honestly, where's the fun in that if the players can't explore and experiment on their own?), but I give them an idea of what is going to be sold if they spend the Certificates.
In this way, I think it adds a little more incentive to come back to old Shops and see what they might have in stock. See if it changes. I leave the changes up to the player to decide on. Which shops they like and think they could upgrade. Some shops might be an early boost to new players. Some shops might be something you need to come back later for after upgrading as you simply don't have anyone who can use the equipment. Some shops might require upgrading as you progress through the game to keep the stock up to par with your own characters.
Just something fun. Helps breathe life into old areas a little bit. Gives the player a reason to come back to old shops and see if things have changed.