T.J. Maxx parent company opening 1,300 new locations in sizable expansion

The new stores would make an over 26% expansion of the company's total footprint.
Earns T.J. Maxx
Posted at 10:49 AM, May 24, 2024

TJX, the parent company of T.J. Maxx, Marshalls, HomeGoods and Sierra, announced a major worldwide expansion in the coming years.

Ernie Herrman, CEO of TJX, informed investors on Wednesday that the company plans to open 1,300 new locations in the U.S., Canada, Europe and Australia. The new stores would mark a 26.2% increase in its total footprint, bringing the total number of locations to over 6,200. 

Of TJX's worldwide locations, 3,601 are in the U.S. Of those, 1,322 are T.J. Maxx locations, 1,201 are Marshalls and 922 are HomeGoods. 

Herrman suggested that the brands are attracting younger customers.

"We continue to attract new Gen Z and millennial shoppers to our stores, which we believe bodes well for our future growth. It's really great when we see multiple generations shopping our stores together," Herrman told investors. 

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Herrman did not say when and where the new locations would open.

The company reported a 3% increase in comparable sales in the most recent quarter. Its growth comes as some retailers have reported softening revenue. 

Target's comparable sales dropped 3.7% in the first quarter of 2024, while Home Depot's declined 3.2% to open 2024. Lowe's reported a 4.1% drop in comparable sales. 

In addition to the 1,300 new locations, TJX said it's in the process of remodeling 480 locations. 

"Remodels are more about making sure that our stores maintain an excellent fit and finish, so when we do remodels, what we see is that stores that are much older are able to compete as good as, let's say, a store that's 10 years old," Herrman said. "It's about maintaining the base and making sure that you don't get into a situation where now your sales start to falter and you have to start to really invest in them and catch up."