TJ Maxx, Marshalls owner envisions "at least another 1,300" store openings
FRAMINGHAM - At a time when retail store closures are surging, the parent company of TJ Maxx and Marshalls is talking about opening hundreds of new stores.
Framingham-based TJX, which also owns HomeGoods, Sierra and Homesense, discussed a possible expansion in a May 22 quarterly earnings call.
"Over the long term, we see potential to further expand our store footprint by at least another 1,300-plus stores with our current retail banners in our existing countries alone," TJX CEO Ernie Herrman said.
Attracting Gen Z shoppers
TJX said comparable store sales were up 3% in the first quarter, "and were entirely driven by an increase in customer transactions."
Herrman said the company's wide customer demographic reach is a reason for "great confidence in the near and long-term growth opportunities for TJX."
"We continue to attract new Gen Z and millennial shoppers to our stores, which we believe bodes well for our future growth," he said. "It's really great when we see multiple generations shopping our stores together."
What are TJX's plans for store openings?
Back in February, TJX said on an earnings call that it would be adding 45 combined new TJ Maxx and Marshalls stores in the U.S., 40 combined HomeGoods and HomeSense stores and 26 new Sierra locations. Currently, there are more than 4,900 TJX stores in nine countries.
TJX store websites list upcoming grand openings for Marshalls and TJ Maxx stores in Florida, Pennsylvania, Texas, Virginia and more states. In Rhode Island, a new HomeGoods is opening on June 20 at RK Place in Middletown.
Will new stores be coming to Massachusetts in the near future?
"As to specific regional locations, we wouldn't share specific locations until we are closer to opening dates," a TJX spokesperson tells WBZ-TV.
Many retailers struggling in 2024
CBS News reported in May that chains have announced the closures of nearly 3,200 brick-and-mortar stores so far in 2024.
Macy's said earlier this year it would close 150 stores, or about 30% of its locations over the next three years. And clothing retailer Express filed for bankruptcy in April and announced plans to close about 100 of its 500 retail locations.