Lundgren estimates between 9,000 and 10,000 shoppers lined up outside the retailer's flagship store in New York's Herald Square for the kick-off of Macy's "Black Friday" sales.

"That says something about the excitment for the bargains that people are getting today," Lundgren told CNBC. However, he declined to comment on what the large crowds say about the state of the U.S. consumer.

Macy's [M  29.64    0.08  (+0.27%)   ] has had same-store sales growth of about 5.3 percent in the year-to-date period, which according to Lundgren is the strongest it's seen in a decade.