Is It True About Fable III Not Having Any Menus For Every Item?

I was talking to a friend of mine who also enjoys playing Fable, and he told me that Fable III was not going to have any menus for any of the items such as clothing, potions, weapons, etc. He also said that in order to access items, you would have to go to stores and whatever. But in my thoughts and opinion was that they might create a satchel of some sort or a chest to store everything in like Diablo II. But to the point, is this all true about the menus?