Neiman Marcus

Minneapolis -- Target Corp. reported Wednesday a profit of $961 million for the fourth quarter, down from $981 million in the year-ago period. The profit slip reflected expenses related to its Canadian market entry along with a spending slowdown during the holiday sales period. It was Target's weakest holiday season performance since 2008. But its adjusted results beat analysts' estimates and it forecast first-quarter earnings above Wall Street's view.

NEW YORK, NY — The National Father’s Day Council, a nonprofit that recognizes modern day role model fathers, has named Terry Lundgren, chairman, president and CEO of Macy’s Inc., as a recipient of its 2013 "Father of the Year" Award. Lundgren joins President Bill Clinton, Founder of the William J. Clinton Foundation and 42nd President of the United States, as a fellow honoree. The awards will be presented at the 72nd Annual Father of the Year Awards in New York City on Tuesday, June 11. 

New York  -- Procter & Gamble named Macy’s chairman, president and CEO Terry Lundgren as the newest member of its board of directors.

Lundgren fills a position vacated by current P&G director Johnathan Rodgers who is not seeking re-election when P&G’s holds its annual shareholder meeting in October.

Procter & Gamble name Macy’s chairman, president and CEO Terry Lundgren as the newest member of its board of directors.

Lundgren fills a position vacated by current P&G Director Johnathan Rodgers who is not seeking re-election when P&G’s holds its annual shareholder meeting in October.

1. Baby & Child, Santa Monica, Calif.

A brand new concept from Restoration Hardware, Baby & Child offers a hip, modern take on upscale children's’ home furnishings. With its taupe tones and sophisticated stylings, this new format is far removed from the pastel, whimsical universe of Pottery Barn Kids and most other kids’ stores. Read More

Indianapolis -- Simon Property Group said Wednesday it has acquired Paragon Outlets Grand Prairie in Grand Prairie, Texas, and Paragon Outlets Livermore Valley in Livermore, Calif.

Simon now owns 100% of each asset.

The 417,000-sq.-ft. Grand Prairie center is tenanted by Saks Fifth Avenue Off 5th, Bloomingdale's The Outlet Store, Coach, Cole Haan, DKNY, Hugo Boss, Kate Spade New York, J.Crew, Michael Kors, Nike and Tommy Hilfiger. The center opened in August 2012 and is 100% leased.

New York -- Early reports indicate that Target Corp.’s holiday promotion with Neiman Marcus is not off to the spectacular start that many industry experts had expected. The promotion includes some 50 gift items featuring works of 24 well-known designers from Marc Jacobs to Diane von Furstenberg to Judith Leiber.

Stevens, Pa. -- Luxury consumers picked up their pace of shopping in the third quarter, with luxury spending up 25.8% over last quarter, according to Unity Marketing's Luxury Tracking Survey. "The first half of 2012 showed affluent consumers restrained in spending on luxury goods and services, but spending rebounded strongly in the third quarter survey with signs pointing to rising demand during the critical fourth quarter," said Pam Danziger, president of Unity Marketing.