Buckle up, bargain hunters: Looks like the TJX company—which owns discount retailers T.J. Maxx, HomeGoods, and Marshalls—will be launching a new national brand later this year.
Details on the launch remain scarce, but according to Forbes, the new brand will be another discount home retailer. What, exactly, it will carry remains unclear: TJX CEO Ernie Herrman insists the new stores will not directly compete with its existing home store HomeGoods. Herrman said: “Our approach will be to differentiate these two U.S. home concepts to encourage customers to shop both stores, which has been key to our successful growth at T.J. Maxx and Marshalls in the U.S. and Winners and Marshalls in Canada.”
The purpose for launching another home store, he explained, is to further penetrate the American home-goods market, which he believes is “significantly underpenetrated” by the TJX company. The CEO also confirmed that, although the new brand will be a departure from HomeGoods in some way, the company plans to continue using its current suppliers and distributors to stock the new stores. Some, including Shawn Harris of Zebra Technologies, have speculated that the new brand may offer either a different aesthetic or a different product—for example, furniture—than HomeGoods currently does. He stipulated, “It’s not department stores that should be worried [about the competition], it’s full-price furniture stores who should keep their eyes open.”
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Whatever TJX’s plans are, it’s likely we’ll find out more soon: Forbes reports the company plans to open four new “concept stores” later this year, adding to its 570-plus HomeGoods stores in the U.S. alone. So, stay tuned—and save your money. We’ll update this story with more info as soon as it is made available.
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