This massive clothing retailer now plans to open 1,300 stores in addition to its current war chest, following the closure of several locations.
The parent brand of TJ Maxx has issued plans to open thousands of new store locations after several closures last year.
During an earnings call earlier in May, the update to the department store chain’s outlook was confirmed by executives from TJX Companies.
TJX Companies owns TJ Maxx, Marshalls, HomeGoods, Sierra, and Homesense in the United States, along with retailers in Canada, Australia, and several across Europe.
Ernie Herrman, CEO of TJX Companies, said shoppers would see around 1,300 new stores due to its belief that its unique business model reaches a wide customer base.
“We are convinced that significant market share opportunities remain across the U.S., Canada, Europe, and Australia over the long term,” Herrman told investors on the call.
“We see the potential to further expand our store footprint by at least another 1,300-plus with our current retail banners in our existing countries.”
Herrman praised operations run by TJX retailers as “flexible and resilient,” with the potential for significant growth.
“Our off-price business model is extremely flexible and resilient, and I believe we are set up for a long runway of exciting growth in our geographies around the world,” Herrman explained.
He added that the brands under the TJX umbrella continue to have a “wide customer demographic reach” and are starting to appeal more to Gen Z shoppers.
That reach seemingly benefits from what the CEO called a “good, better, best” approach to merchandise in its discount stores like TJ Maxx, which offer customers with various income levels to take advantage of deals.
Herrman added that the quantity and variety of inventory across TJX retailers is also a non-issue given that it essentially takes from the leftover inventory of higher-end stores.
The retailers receive weekly deliveries from those stores, allowing customers to find fresh items consistently at a lower price.
It fuels a shopping experience Herrman compared to a treasure hunt.
“We are the only retailer offering a treasure hunt format with good, better, best merchandise across all income and age groups,” Herrman emphasized.
“Our value leadership and ability to capitalize on excess inventory from other retailers gives us confidence in continued market share gains.”
It’s unclear the exact timeline of when the 1,300 store openings will take place worldwide.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
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