By Ernie Herrman | August 16, 2017 | Chain Store Age
Off-price powerhouse TJX Companies still seems plenty of room for store expansion — particularly in the home good sector.
The retailer, which reported strong second quarter results on Tuesday, has more than 3,800 stores worldwide and will open 260 new locations this year. Long term, it sees the opportunity for 5,600 stores with it current banners, or about 1,700 more locations than it currently operates.
“We see enormous global store growth potential for TJX,” CEO Ernie Herrman said on the company’s quarterly call with investors and analysts. “We have plenty of white space or markets to fill in throughout our current countries. We continue to see store openings as an attractive investment and a very good use of capital internationally.”
TJX’s remains committed to its brick-and-mortar strategy. More importantly, so do its customers.
“The customer is clearly telling us that brick-and-mortar retail continues to be an essential part of the shopping experience and certainly when it is executed right with the right values,” Herrman said. “All of this gives us confidence in our long-term global store growth potential. Our key pillars for growth remain driving comp sales and customer traffic and our global store expansion.”