As competitors like Macy’s, J.C. Penney and Sears close hundreds of stores, TJX is opening new locations and reporting sales increases at its off-price chains.
What’s new at T.J. Maxx, Marshalls and HomeGoods
Although TJX is doing pretty well, it’s not business as usual. During a recent earnings call, company executives revealed some big changes on the horizon for the rest of 2017.
Here’s what T.J. Maxx, Marshalls and HomeGoods shoppers should know:
1. Introducing HomeSense
By the end of the summer, TJX will open its first HomeSense location in the U.S. — and add a few more stores in the fall.
These are just a few of the items blogger Jessica Melody showed off:
- Throw pillows
TJX CEO Ernie Herrman said HomeSense will have “big category and design differences” compared to HomeGoods, but he wouldn’t reveal any details. He also said the checkout will be different.
“HomeSense will offer consumers a different mix of home fashions from HomeGoods, but at the same great values,” Herrman said. “We’re excited to bring HomeSense to U.S. shoppers and are confident they will love it as much as they love HomeGoods.”
The company believes consumers will want to shop at both home stores, just like how people frequent both T.J. Maxx and Marshalls.
2. Home is where the focus is…
In addition to the new HomeSense stores, TJX is really focusing on its assortment of home fashions because the category is performing better than apparel, which is highly competitive because of Amazon.
TJX plans to open new HomeGoods stores quickly and add the HomeGoods format to larger T.J. Maxx and Marshalls locations.
— T.J.Maxx (@tjmaxx) May 16, 2017
Even if you don’t have a standalone HomeGoods in your area, your T.J. Maxx or Marshalls has a home department. We’ve found great deals on accent furniture, sheets, candles, picture frames and kitchen items there.
If you’re not looking for anything special, start on the clearance aisle. The red tags indicate a clearance price.
3. Upgrading the shopping experience
Everyone loves shopping in a brand new store, but what about the ones that have been there for 20 years? TJX says it’s aggressively remodeling them to improve the shopping experience.
With vacancies due to other retailers’ woes, the company is looking to relocate some existing stores to better strip malls.
“We believe tremendous opportunity remains to gain additional market share in the U.S. and internationally,” said Herrman. “We want our retail banners to be visible wherever consumers are looking.”
For 2017, TJX says it plans to open 250 stores across the company. Executives believe TJX has the potential to grow to 5,600 stores across its major brands worldwide.