For his part, trader Brian Kelly said he "might pick at" Macy's, but similarly cautioned that "it's not really a long-term type of investment."
Kelly said he doesn't like the retail space in general because consumer spending is not seeing much boost from the decline in oil.
"Fast Money" Trader Steve Grasso, meanwhile, said that "if you have to play in that retail space," go with Target.
That company, he said, has been an outperformer with a more than 4 percent year-to-date gain.
He also suggested buying Deckers Outdoor, saying, "It makes an excellent takeout target." He noted that it would also work as a seasonal buy in October.
Grasso is long AAPL, BA, BAC, CC, DD, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX. His kids are long EFA, EFG, EWJ, IJR, SPY. His firm and some of its partners are long NEM, LYB, WDR, SHLD, STRP, UDR, ACI, AVP, TEX, CLI, TWTR, WYNN, PCRX, AXP, FNMA, SALT, AMD, CUBA, HSPO, ICE, AMZN, FCX, IBM, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OXY, RIG, STAG, TAXI, TITXF, TSE, VALE, ZNGA.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL, the VIX, GDX call spread, TWTR call spread, US dollar; he is short DAX, Yuan and Yen. Today he closed his Oil and Ruble shorts.