As retailers from Macy’s to Bed, Bath & Beyond attempt turnarounds to reverse declining sales, off-price retailer TJX has reported its 24th straight annual same-store sales increase
... [+]Amazon may be the easy scapegoat for many brick-and-mortar retailers losing customer traffic and shutting stores, but what department stores and a growing number of other retailers need to worry about is right in their own neighborhood: T.J. Maxx and Marshalls parent TJX.
TJX credited higher customer traffic—its 22nd straight quarterly increase—as the biggest driver of its sales upside. That’s despite the fact that the average age of its T.J.Maxx and Marshalls stores is 20 years old. As Macy’s and other retailers have reported plans for more store closings, TJX has opened more than 1,100 stores the past five years to over 4,500 as of February 1, with plans to further expand both domestically and internationally in Canada, Europe and Australia.
TJX has a team of about 1,100 buyers who buy goods from more than 21,000 vendors worldwide. The retailer said it will add more buyers and vendors to create a more “treasure hunt shopping experience,” a model that’s also separated another industry outperformer: Costco.
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