"Retail's gotten very emotional," TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment Friday.

So many investors have assumed this sector is dead, thanks to Amazon (AMZN - Get Report) , but that's not necessarily the case. Cramer acknowledged that "some companies are more dead than others," but there are several names doing OK.

Walmart (WMT - Get Report) soared on Thursday with its earnings results, up 10% and jumping to new 52-week highs just over $100 per share. On Friday it was Gap's (GPS - Get Report) turn, as the stock rallied 7.5% to just a hair under its previous 52-week high. Comparable-store sales came in at 3%, while comp-store sales at Old Navy chalked up a 4% gain. Gap's athletic line, Athleta, is "on fire" according to management.

Respectively, Foot Locker (FL - Get Report) and Abercrombie & Fitch (ANF - Get Report) are up 22% and 28% on Friday, too, also following better-than-expected results, Cramer pointed out.

Why are these rallies so large? Investors began to price in an end-of-the-world scenario for retail thanks to Amazon and other e-commerce outlets. However, we're seeing that it's really not the end of the world for this sector and the stocks are reacting in that manner.

Amazon will not destroy every retailer, Cramer said, although it will certainly inflict more pain on some. Case in point, some continue to struggle. Best Buy (BBY - Get Report) fell on Thursday after worse-than-expected results and guidance, while Target (TGT - Get Report) fell for similar reasons this week, too. Williams Sonoma (WSM - Get Report) is down more than 11% Friday.

Keep your weather reports handy. Cold weather will be an important driver for spending on heavy clothing and outerwear the week of Thanksgiving and Black Friday, concluded Cramer, who also manages the Action Alerts PLUS charitable trust portfolio

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At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.