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The TJX Companies, Inc. is the leading off-price apparel and home fashions retailer in the U.S. and worldwide, with over $17 billion in revenues in 2006, eight businesses, and more than 2,400 stores. TJX ranked 133rd in the most recent Fortune 500 rankings. TJX's off-price concepts include T.J.Maxx, Marshalls, HomeGoods, and A.J. Wright, in the U.S., Winners and HomeSense in Canada, and T.K. Maxx in Europe. Bob's Stores is a value-oriented, casual clothing and footwear superstore in the Northeastern U.S. Their off-price mission is to deliver a rapidly changing assortment of quality, brand name merchandise at prices that are 20-60% less than department and specialty store regular prices, every day. Their target customer is a middle to upper-middle income shopper, who is fashion and value conscious and fits the same profile as a department store shopper, with the exception of A.J. Wright, which reaches a more moderate-income market, and Bob's Stores, which targets customers in the moderate to upper-middle income range.
A.J. Wright (USA)
Bob's Stores (USA)
T.J Maxx (USA)
T.K. Maxx (Europe)
Marshalls is the second largest off-price retailer in the U.S. and was acquired by TJX in 1995. With a product assortment very similar to T.J. Maxx, Marshalls offers brand name family apparel, giftware, home fashions, and accessories. Marshalls also offers expanded footwear assortments for the entire family and a broader men's department. Marshalls customers have a very similar profile to those who shop at department and specialty stores. The Marshalls chain, operating 748 stores at the end of 2006, continues to grow in many markets across the U.S. and through merchandise opportunities, including further footwear expansions. Marshalls stores are an average of approximately 32,000 square feet in size.
Winners, operating 184 stores in Canada at 2006's year-end, is the leading off-price family apparel retailer in that country, having been acquired by TJX in 1990. Patterned after T.J. Maxx, Winners offers designer and brand name family apparel, giftware, home fashions, and lingerie. Winners has also expanded its offerings of family footwear, jewelry and accessories, and they believe it has many more merchandise opportunities. Winners' customer profile is very similar to that of T.J. Maxx and Marshalls. As at their other divisions, the Winners customer typically shops for her entire family, seeking excellent value on brand name fashions. Winners stores average approximately 29,000 square feet in size. They expect to net four additional Winners stores in 2007, and they believe that Canada can support approximately 200 Winners stores.
HomeSense, operated by Winners, introduced the home fashions off-price concept to Canada with its launch in 2001. Similar to HomeGoods in the U.S., HomeSense offers customers a wide, rapidly changing selection of giftware, home basics, accent furniture, rugs, lamps, accessories, and seasonal items. At year-end 2006, HomeSense operated 68 stores with a typical store size of approximately 24,000 square feet. Their plans are to add three HomeSense stores in 2007. Ultimately, they believe the Canadian market can support approximately 80 HomeSense stores.
T.K. Maxx (United Kingdom & Ireland) , a T.J. Maxx-like, off-price apparel and home fashions concept, operated 210 stores in the U.K. and Ireland at the end of 2006. T.K. Maxx has been very well received since its launch in 1994 introduced the off-price concept to the U.K., offering a unique shopping experience to that market. Today, T.K. Maxx is the only major off-price retailer in any European country. With stores averaging approximately 30,000 square feet in size, T.K. Maxx offers great values on brand name family apparel, women's footwear, lingerie, accessories, and home fashions. T.K. Maxx is slated to add a net of 10 stores in the U.K. and Ireland in 2007, and they see the U.K. and Ireland supporting approximately 275 stores in the long term. They also plan to open five stores in Germany, their first in that country, in 2007.
HomeGoods, a chain of off-price home fashions stores introduced in 1992, operated 270 stores at 2006's year-end. HomeGoods offers an exciting and rapidly changing selection of home décor merchandise, including giftware, home basics, accent furniture, lamps, rugs, accessories, children's furniture, and seasonal merchandise at great values. This chain operates in a standalone and superstore format, which couple HomeGoods with a T.J. Maxx or Marshalls. Standalone HomeGoods stores average approximately 27,000 square feet in size. In the year 2007, HomeGoods expects to net 12 additional stores. Ultimately, they believe that the U.S. market could support approximately 500-600 HomeGoods stores.
A.J. Wright, launched in 1998, operates similarly to their other off-price concepts, but targets the moderate-income customer. A.J. Wright offers outstanding values on family apparel and footwear, accessories, home fashions, giftware, including toys and games, and special, opportunistic purchases. Prices at A.J. Wright are 20 - 70% below regular prices at national discount chains and budget department stores. At year-end 2006, A.J. Wright operated 129 stores. A.J. Wright stores average approximately 26,000 square feet in size. A.J. Wright expects to add 5 new stores in existing markets in 2007. Longer-term, they believe that the U.S. could potentially support approximately 1,000 stores.
Bob's Stores, which was acquired by TJX in 2003, is a value-oriented, casual clothing and footwear superstore. Bob's Stores offers customers casual, family apparel and footwear, workwear, activewear, and licensed team apparel. This concept targets a moderate- to upper-middle income customer and its stores average approximately 45,000 square feet in size. Bob's Stores operated 36 stores in the northeastern U.S. at 2006's year-end, and they have no new store openings planned in 2007, as they continue to focus on their existing store base at Bob's Stores.
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