"While our forecast is bullish, we are nevertheless advising clients to be nimble. These are uncharted waters, and the best course to set is one that includes a strong cost control and flawless execution."

Joel Bines, a managing director for consulting firm AlixPartners, which earlier this week forecast holiday sales growth of 4.4 percent to 5.3 percent, as reported by CNBC. In a separate forecast, consulting firm Deloitte said it expects holiday retail sales for 2019 to increase in a range of 4.5 percent to 5 percent.