In a time when many regular shops are closing down, TJX Companies is doing well. Big stores like Macy’s are shutting over 100 shops, and others like Express and Rue 21 are going bankrupt. This is changing how we shop.
Fewer people are going to malls, partly because of the virus and big online stores like Amazon. But also, people are changing how they shop.
TJX: Doing Things Differently
Despite all this change, TJX Companies, which owns Marshalls, TJ Maxx, and HomeGoods, is doing great.
They do things differently from other shops. Instead of selling things directly from brands, they sell extra stock and last season’s stuff at lower prices. This gets people who love deals and those who still want brand names but can’t pay full price.
A retail expert, Jeff Greenberg, says, “TJX has found a special place in a market that’s often up and down. By changing what they sell often and keeping prices low, they make shopping exciting and attractive.”
This way of doing things is unique. It gives shoppers a thrill because they never know what they might find at a good price.
Doing Well Financially
TJX’s money shows they’re doing well. They made 6% more money this year and their earnings-per-share went up by 6.34%. The part of the company that includes TJ Maxx, Marshalls, and Sierra shops made $7.75 billion, a 5% increase. HomeGoods made $2.08 billion, up by 6%.
Ernie Herrman, TJX’s boss, says, “Our sales went up everywhere because more people are buying from us, which shows our deals are good.” He thinks they’ll keep doing well and plans to open more shops.
Ready for More Success
As TJX grows, it looks like it’ll keep doing well in a changing shopping world where people want convenience and good prices. They have about 4,900 shops now and plan to open more.
They’re not just surviving, they’re showing how to succeed in retail. As more TJ Maxx and Marshalls shops open, it’s clear people like what they’re doing.
Herrman says, “We’re doing well now and we’ll keep doing well. We have plans to make more money, get more customers, and make more profit in the future.”
While many shops are struggling, TJX Companies is doing great. They prove that being able to change and knowing what customers want is key to success.
