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. "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.
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. "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.