The parent companies behind TJ Maxx and Ross Dress for Less are continuing to grow sales as inflation-weary consumers hunt for deals and become more comfortable with shopping at discounters.
The low-to-middle income consumer has been feeling the burn a bit more acutely than their higher income counterparts, but even shoppers with deeper wallets have been turning to discounters for not just necessities, but also discretionary items. Simeon Siegel, a retail analyst for BMO Capital Markets, said off-price has managed to grow steadily in part because consumers are starting to see the stores in a different light.
"We are the only retailer right now that I see that is able to take brands and fashion and quality and put all of that together in this treasure hunt format," said Herrman.
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