FRAMINGHAM – In a time when retail store closures are increasingthe 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 opportunity to further expand our retail footprint by at least an additional 1,300 stores with our current retail banners in our existing countries alone,” said Ernie Herrman, CEO of TJX.
Attract Gen Z shoppers
TJX said comparable store sales rose 3% in the first quarter, “and were driven entirely by an increase in customer transactions.”
Herrman said the company’s broad customer demographic reach is a reason for “high confidence in the short- 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 together in our stores.”
What are TJX’s plans for store openings?
In February, TJX said during an earnings call that it would add 45 combined new TJ Maxx and Marshalls stores in the U.S., 40 combined HomeGoods and HomeSense stores and 26 new Sierra locations. There are currently 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 will open June 20 at RK Place in Middletown.
Will new stores come to Massachusetts in the near future?
“As for specific regional locations, we would not share specific locations until we are closer to opening dates,” a TJX spokesperson told WBZ-TV.
Many retailers are having a hard time in 2024
CBS News reported in May that chains have announced the closure of nearly 3,200 brick-and-mortar stores so far in 2024.
Macy’s said earlier this year that this would be the case 150 stores close, or approximately 30% of 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.
