And while there remains immense uncertainty about this holiday, one thing is for sure — the season will be no exception to the pattern of the past decade and will all come down to the final stretch. "Though Black Friday weekend was a complete success for many retailers, the results of the holiday season won't be determined until the last two weeks of December," said NRF president and ceo Tracy Mullin.

The outcome will depend on how retailers promoted. "If you promote more, you have to expect less margin," said Claudio del Vecchio, chairman and ceo of Brooks Bros., which does not take a promotional posture on Black Friday weekend. "It costs money to promote."

"People thought it was a more promotional weekend regardless of whether it really was or not," said Keith Fulsher, executive vice president and chief merchandising officer of Dress Barn. "There was definitely more media play, and maybe the illusion of higher promoting."

So what about the mood? "I don't know if I would call it panic," Fulsher said. "I just think it's an effort to protect market share and try to cover all bases."

DEPARTMENT STORE TRAFFIC HEATS UP; EXECS STAY COOL ON OUTLOOK

At Macy's, cashmere is selling well in apparel, in part due to a broader offering ranging from traditional solids and pullovers to more unusual zipper front and patterned styles. Coats, scarves and boots picked up with the cooler weather and home is starting to turn around, Lundgren said.

Macy's also stocked up on small appliances, like Cuisinart food processors, and coffee makers, which were offered at sharp discounts. "We got very aggressive with small appliances," Lundgren said.

Macy's East's Klein expects a big wool year, cashmere to continue "exceeding expectations" and strong performances in "our affordable luxury component, including fine and fashion watches, and jewelry, notably diamonds.

"Those are wants, not needs. The want-based businesses are showing signs of strengths."

The response to Macy's Martha Stewart Collection "portends well. I am optimistic that we will achieve our objective with Martha Stewart," said Klein.