Miss MoneyPenny really cleaned up at Christmas this year. Bling and Macy's gift cards are the best a girl could hope for, but if you received something so butt ugly that you wouldn't wear it to the dump, you must return it and soon. Having worked in retail back in the 70s, I know a little something about returns. There are some unwritten rules to getting a successful outcome when it comes to returning an item and I'm gonna give them to you.
Rule #1: Probably the most important - be nice. Don't go in there all aggressive with a chip on your shoulder. The sales clerk is in charge here and how she or he is treated can really make or break the deal. Be charming.
Rule #2: Return it as soon as possible, especially if you just need a different size.
Rule #3: If at all possible, include tags and or a receipt.
Rule #4: If you have received something that comes in packaging, try not to wreck the package. They will be much happier about processing your return if they can put it back on the shelf and sell it to somebody else.
The best that you can expect in a return situation is cold hard cash, but that doesn't usually happen. The next best thing is a straight across exchange, like the correct size. Sometimes they will issue a store credit which is not so bad, as long as it isn't Wal Mart. Who could find anything worth buying there? Anyway, what you do not want to happen is getting a store credit for the lowest price this item sold for, or nothing at all. Then you are stuck with it or you can try to sell it on Ebay.
If you follow Miss MoneyPenny's rules you should have a happy ending. Just don't show the gift giver all the cool things that you got in exchange for what they got you. That did not turn out to be a very happy ending.