A massive and popular retailer now unexpectedly shutters stores for 2024 despite its strong sales and stock growth.
TJX Companies, which owns TJ Maxx, Marshalls, and HomeGoods has announced a few store closures already beginning the new year in major U.S. cities.
“TJX Companies had largely been able to stay above the fray for a while.
Its aforementioned winning business model had been enough to largely insulate it from market vacillations and its lower price points only strengthened its position among penny-pinching shoppers,” reports TheStreet.
But despite upcoming store closures for 2024, the company has actually done quite well in terms of their sales and even stock growth.
In fact, TJX stock is currently up more than +14% this year-to-date and recently announced a cash dividend of $0.333 starting November 8, 2023.
“I am particularly pleased with the performance of our largest division, Marmaxx, which delivered high single-digit increases in both comp sales and customer traffic,” CEO Ernie Herrman said on the Q2 earnings call in August.
“Our overall apparel and accessories sales were very strong. And our overall home sales significantly improved and returned to positive comp sales growth.
Clearly, our terrific mix of branded, fashionable merchandise and great values resonated with shoppers when they visited our stores,” he continued.
TJX has already shuttered one location in St. Paul, Minn., and has further plans to shutter more stores in the coming months.
The following stores are closing in New York early next year:
- Marshalls: 610 Exterior Street, Bronx, closing early January.
- TJ Maxx: 503 Fulton Street, Brooklyn, closing early January.
The following store is closing Chicago early next year:
- TJ Maxx: 1008 S. Canal Street, closing early January
Some of these locations had been in business for 10 years or more.
Other Economy News Today
A massive bank now closes several branches in Florida as the online banking trend continues to grow, also fueling layoffs in the sector.
This week, Wells Fargo will close the following four branches in Florida.
- 3131 West Hallandale Beach Blvd, Hallandale
- 10191 Cleary Blvd, Plantation
- 113 South Tennessee Ave, Lakeland
- 4901 Tamiami Trail, South Naples
The bank is also closing an additional four branches in California soon.
“In July, Wells Fargo laid off over 100 employees in the consumer and small business banking division in Orlando,” reports Ash Jurberg.
“Banks continue to close across the United States. Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors.”
This trend has grown nationwide as traditional banks pivot towards an ever growing digital world.
“Data from S&P Global Market Intelligence shows a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states – and firms are pulling out of some areas faster than others,” reports the DailyMail.
“We need to concentrate Wells Fargo real estate investments in fewer locations or reduce space in existing real estate,” Wells Fargo said.
“Branches continue to play an important role in the way we serve our customers, and customers continue to value the experiences they have in our branches,” Saul Van Beurden, the bank’s CEO of consumer, small and business banking, said in a statement.
Wells Fargo has cut its workforce by roughly 40,000 since the third quarter of 2020, and more cuts ae expected, the bank’s chief financial officer, Mike Santomassimo, said last month.
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