Marshalls

Marshalls is a national off-price retailer that sells brand-name apparel, footwear, accessories, and home goods at everyday discounts. It operates as part of The TJX Companies, Inc., the same parent company behind T.J. Maxx, and shares a similar off-price model and store format. The brand is designed to appeal to a broad range of shoppers looking for value across family clothing, shoes, and home décor, with constantly changing selections that encourage repeat visits.

The company started in 1956 when Alfred Marshall and partners opened the first Marshalls store in Beverly, Massachusetts as a self-service, value-focused department store. Over the following decades, it expanded across New England and into other parts of the U.S., building a reputation for branded merchandise at lower prices. A major turning point came in 1995 when The TJX Companies acquired Marshalls and integrated it into its Marmaxx division, allowing the brand to grow alongside T.J. Maxx while maintaining its own identity and merchandising focus.

As of January 2024, Marshalls operates 1,201 stores in the United States and Puerto Rico, plus 107 stores in Canada under the Marshalls banner. The brand has continued to add new locations in recent years, supported by TJX’s long-term strategy of expanding its U.S. off-price banners in both established and underpenetrated markets. TJX has indicated it still sees room for more Marshalls stores, even in areas where the brand already has a strong presence, and plans for hundreds of incremental new stores across its portfolio in the coming years.

Most Marshalls locations are found in open-air power centers, community centers, and select streetfront sites, often co-tenanted with grocery stores, value-oriented national retailers, and other traffic-driving uses. The company typically looks for opportunities in established suburban trade areas, infill locations within existing markets, and stronger secondary and tertiary markets. It also actively pursues backfill opportunities in community and power centers where former department stores or soft goods tenants have vacated.

Marshalls does not franchise; all stores are owned and operated directly by The TJX Companies. Real estate decisions are made centrally through TJX’s U.S. Real Estate and Marmaxx divisions, which manage site selection, leasing, and development for the brand. This centralized structure supports consistent execution on new stores, relocations, and multi-market rollouts, and gives landlords a single corporate counterparty for negotiations.

The brand also operates an e-commerce site that complements its physical footprint and helps maintain customer awareness in markets where new stores are being considered. For landlords and developers, Marshalls represents a stable, nationally recognized tenant with a proven ability to generate consistent traffic and fill mid-sized boxes in a range of center types, including those repositioning former department store or junior anchor spaces.