With sales of more discretionary items such as accessories and jewelry picking up, Bloomingdale's CEO Michael Gould is hopeful that it will be a "very good December."
"Business has been very good," Gould told CNBC. "November was better than plan, and better than last year."
According to Gould, Bloomingdale's business began to pick up in September and has improved since then.
However, Gould is mindful that many retailers are enticing consumers into stores by marking down items and keeping inventories lean.
"The wildcard that really no one talks about to a great degree is that everyone has obviously planned their margins up dramatically this year and their markdowns dramatically down."
According to Gould, in this environment, "you're going to lose some business." The question is: to what degree?