As continued inflation drives consumers toward more cost-conscious shopping, TJX — the parent company of TJ Maxx, Marshalls, HomeGoods and Sierra — sees an opportunity for expansion. CEO and President Ernie Herrman told analysts on a call discussing the company’s results for Q1 2025 (which ended May 4, 2024) that he plans to expand the conglomerate’s store footprint by at least 1,300 stores “over the long term.”
“With our flexibility and opportunistic buying, we offer expansive assortments of good, better and best merchandise for shoppers across a broad range of income and age groups,” said Herrman on the call. “We continue to attract new Gen Z and millennial shoppers to our stores, which we believe bodes well for our future growth. It’s really great when we see multiple generations shopping our stores together.”
TJX beat expectations in Q1, with sales growing 6% to $12.5 billion, on top of 3% sales growth in fiscal 2024. The planned store expansion would represent a more than 26% increase in the retailer’s global footprint; TJX currently operates more than 4,900 locations across nine countries. While the locations and timing of this large-scale expansion haven’t yet been shared, the company does plan to open 141 new locations in the U.S., Canada, Europe and Australia this year, as well as remodeling approximately 480 stores, CFO John Klinger shared on the company’s Q4 2024 earnings call in February.
Competitor Ross Dress for Less also beat expectations in its most recent quarter, with an 8% increase in sales for the quarter bringing revenue to $4.9 billion, signaling a broader consumer shift toward off-price channels as economic pressures continue.
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