Macy's Lundgren: Death of the department store 'greatly exaggerated'

Macy's CEO Terry Lundgren believes the death of the department store has been "greatly exaggerated."

"If you saw the traffic when we opened the doors at 6 p.m., flowing into stores like Macy's Herald Square, you'd say people definitely want to shop on that night and in a store like Macy's," Lundgren told CNBC. "So we feel great about what's transpired here." Video