The parent company of TJ Maxx, Marshalls and HomeGoods is ramping up its store count as it sees gains in the off-price channel.TJX Companies plans to increase its store growth from 3% to 4%, starting next year, “to take advantage of the growth opportunities we see out there,” CEO Ernie Herrman said on the Aug. 19 earnings call. TJX currently operates 5,285 stores across 10 countries, including the U.S., Canada, Spain and the U.K.
TJX Companies is also targeting an overall, long-term global base of 7,500 stores within existing countries, up from its previous goal of 7,000 stores. That extra 500 stores will consist of 300 stores for TJ Maxx and Marshalls, and 200 stores for HomeGoods.
The news comes as TJX is “exceeding [its] expectations” on new store openings, CFO John Klinger said on the earnings call. TJX opened 23 new stores in the last quarter, including a second TJ Maxx store in Spain.
“We’re seeing opportunities in rural markets, where we see department stores are closing,” Klinger said. “We’ve experienced strong comp growth for so many quarters that we’re seeing the ability to put stores closer together than we thought before. And then, [we want to build] the small-format store that allows us to expand in a lot of densely populated urban areas, as well.”
