TJX Cos. has raised its store expansion outlook, targeting a total of 7,000 locations, which is 1,900 more than its current store count. The revised goal for HomeGoods alone is 1,800 stores, up from the previous forecast of 1,500. As of February 1, HomeGoods operates 943 stores and is aiming to outgrow Bed Bath & Beyond's peak of 1,500 locations.
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CEO Ernie Herrman remains optimistic about the home goods sector, noting that the business has seen significant growth, with HomeGoods achieving a 4% increase in comparable store sales for the full year. The sector now accounts for over a third of TJX's U.S. Marmaxx business. Herrman also highlighted that favourable housing conditions could further boost the business.
As competitors scale back or close stores, TJX's HomeGoods and Marmaxx have gained market share, particularly in the home goods segment. Herrman described their home business as 'probably one of the most profitable home businesses in the country.'
TJX plans to open 130 new stores in the current fiscal year and remodel 500 others. This includes 29 new HomeGoods stores, bringing the total to 972, and 12 stores in Canada and 22 in Europe. Furthermore, TJX will expand to Spain in 2026, targeting 100 locations there over time.
In rural areas, TJX sees opportunities to fill gaps left by closed department stores, either by opening new units or relocating existing stores.
Source: www.furnituretoday.com