Nowadays, it can be hard to find a bright spot in the world of retail.
Many companies are still trying to shake off the early 2020s, which decimated business and caused a massive customer exodus from traditional retail.
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That’s mostly because Covid caused a strain on brick-and-mortar retailers.
When nearly everything shuttered overnight, customers looked elsewhere for their goods and supplies.
Whether it was a new pair of jeans, a puzzle, sneakers for working out at home, or pet supplies, many of us turned to massive online providers like Amazon when popping into the local store downtown was no longer an option.
And many retailers are still trying to find their footing in this new normal.
Some have adjusted well to online operations. Walmart, for instance, started Walmart+ in 2020 and continues to steadily add paid members, who spend about three times as much as non-members online.
But other retailers are still stumbling. JCPenney is closing stores at a rapid clip and will shutter seven more massive stores in the month of May alone.
The parent company of TJ Maxx has unveiled big plans that will boost convenience for shoppers.
Image source: Getty
Some retailers have a unique model
The retail situation is not as cut and dried as some might have you believe, however.
Some retailers actually managed to get stronger over the past several years, largely without the assistance of online marketplaces.
One example is TJX Companies (TJX) , the parent behind popular brands like TJ Maxx, Marshalls, HomeGoods, HomeSense, and more.
When TJX reopened stores in May 2020, it saw massive, pent-up demand from customers for the in-store shopping experience.
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That’s because TJX offers customers the treasure hunt model, which allows them to pick through the aisles for unique finds they wouldn’t see at other stores.
Every single store carries different inventory; no two are exactly alike, and stores will turn over and get new items in every day.
This means if you find something you like, you’d be better off buying it as soon as you see it, since there’s a good chance it won’t be there tomorrow and you’ll never see it again.
And most of the inventory at TJX’s stores is offered at deep discounts, something most of us were happy to see after years of high interest rates and rising prices.
TJX makes a big swing
And now, TJX is making one of its biggest bets yet.
The discount retail brand is opening up a plaza with all five of its retail brands located within the same area at the popular RIM shopping center in San Antonio, Texas.
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Those five brands are:
TJ MaxxMarshallsHomeGoodsHomesenseSierra
TJX will dominate over 126,600 square feet of the nearly two-million-square-foot mixed-use shopping center.
TJX currently runs over 5,000 stores and saw comparable store sales grow by 5% in Q4.
“TJX is far from finished growing,” CEO Ernie Hermann said during the most recent earnings call.
