The often-overlooked week between Christmas and New Year's is still a busy one for retailers—and Macy's is staking its claim.

The retailer has dubbed the period from today through Jan. 1 its "Week of Wonderful," with plans for special promotions and deliveries of new merchandise. Consumers, often on vacation, flood malls to return gifts and use gift cards. In recent years, as gift cards have become increasingly popular, retailers have sought to stock fresh merchandise, rather than leave shoppers to pick over discounted holiday items.

According to Kathy Grannis, a spokeswoman for the National Retail Federation, the week between Christmas and New Year's can account for as much as 15% of retailers' holiday sales. "The final week is still very much an important time of the holiday season for retailers," she said.

"The week between Christmas and New Year's Day has always been about great deals, as customers exchange gift items and start using the gift cards they received over the holidays to hunt for last-minute bargains," said Martine Reardon, Macy's chief marketing officer. "With Macy's Week of Wonderful, we want to make shopping during this vacation week even more fun and satisfying for customers. At Macy's , shoppers will find all the amazing savings on post-holiday merchandise we are known for, in addition to finding our stores refreshed with new, bright and colorful must-have items."

The spot introducing "Week of Wonderful" began running on Christmas Eve. It features Clinton Kelly and continues the sitcom-themed campaign Macy's launched in the fall. In the new spot, Macy's Herald Square store manager, Harold asks Mr. Kelly to weigh in on ideas for Macy's "Week of Wonderful."

A song and dance number ensues, where Mr. Kelly points out "the week between Christmas and New Year's never had a name." He goes on to explain it's a week of "super savings" and a chance to exchange Grandma's sweater for something better. Macy's works with JWT New York.