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It announced the launch a dozen new brands, hoping they can add $10 billion in sales in the next two years. For 2017, Target Corp. is projecting an adjusted profit of $3.80 to $4.20 per share. That's wasn't even close to the per-share earnings of $5.32 that Wall Street was projecting, according to FactSet. Neither was Target's first-quarter profit projection between 80 cents and $1. Analysts expected $1.33 per share. For the three months ended Jan. 28, Target earned $817 million, or $1.46 per share. Stripping out certain items, earnings were $1.45 per share, or 5 cents less per share than industry analysts had projected, according to analysts polled by Zacks Investment Research . The quarter's profit came in well below the $1.43 billion, or $2.31 per share, that the company reported last year. And sales dropped to $20.69 billion, from $21.63 billion last year, which was also short of Wall Street projections.

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People walk around Scottsdale Fashion Square on Friday, Kearney. Shoppers move through the mall during Black Friday at Arrowhead Towne Center in Glendale on Nov. 25, 2016. (Photo: Ben Moffat/The Republic) The most successful shopping malls tend to be premier retail centers located in markets that cater to demographically attractive customers, wroteMorningstar stock analyst Edward Mui in a comment on Simon Property Group,a malloperator that ownsArizona Mills in Tempe and Premium Outlets in Chandler and Tucson. "Despite pressure from e-commerce's effect on a changing retail landscape, we think physicalbrick-and-mortarstores will continue to have a relevant and critical role." In its recent store-closing announcement, J.C. Penney's CEOMarvin Ellison cited the company's goal of providing an

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"omnichannel experience through online-order fulfillment, same-day pick up, exchanges and returns." Even with fewer stores, Ellison describedJ.C. Penney aswell-positioned to meet the expectations of digital users. "We believe the future winners in retail will be the companies that can create a frictionless interaction between stores and e-commerce, while leveraging physical locations to minimize the growing operational costs of delivery," he said. Reach the reporter at russ.wiles@arizonarepublic.com or 602-444-8616.

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