The TJX Companies, Inc.

The TJX Companies, Inc. is a large global off-price retailer focused on apparel and home furnishings. The company is best known for banners such as TJ Maxx, Marshalls, HomeGoods, HomeSense, Sierra, Winners and TK Maxx, which together serve shoppers across North America, Europe and Australia. Its stores offer brand-name and designer products at discounted prices, encouraging frequent visits and a discovery-oriented shopping experience. While TJX has added online capabilities, its business remains anchored in physical stores that drive regular, high-volume traffic.

The business traces its history to 1976, when the first T.J. Maxx stores were launched within the former Zayre discount department store group. TJX was created as a Zayre subsidiary in 1987 and later became the legal successor to Zayre in 1989 after a corporate reorganization. A major turning point came in 1995 with the acquisition of Marshalls, which paired two sizable off-price apparel chains under one corporate umbrella while keeping separate brands and merchandising approaches. Over the following decades TJX built out its home-focused concepts, including HomeGoods and HomeSense, and expanded internationally with Winners in Canada and TK Maxx and HomeSense in Europe and Australia. These steps gradually transformed the company from a single U.S. chain into a diversified, multinational off-price platform.

As of February 2024, TJX operated approximately 4,954 stores across nine countries. Its operations are organized into three main groups: Marmaxx, which includes TJ Maxx and Marshalls in the United States; HomeGoods, which includes HomeGoods and the U.S. HomeSense stores; and TJX Canada and TJX International, which manage Winners, HomeSense, Marshalls in Canada, and TK Maxx and HomeSense across Europe and Australia. Most locations are in the United States, Canada, the United Kingdom, Ireland, Germany, Poland, the Netherlands, Austria and Australia. The company supports this footprint with a global network of buying and distribution offices that source and move product at scale.

During roughly the last five years, TJX has continued to lean into physical expansion while refreshing its existing base. Management has consistently described a long runway for additional stores across Marmaxx, HomeGoods, Sierra, TJX Canada and TJX International. The company has focused on deeper penetration of established North American markets and select European countries, rather than large, one-time acquisitions. It has been active in opening new stores, relocating underperforming units and remodeling older boxes to current standards, while investing in distribution capacity and technology to keep merchandise flowing. As full-price retailers have closed locations, TJX has often stepped in to take large-box spaces in power centers and open-air centers, using its off-price model and balance sheet strength to move quickly on real estate opportunities.

As of February 2024, TJX generated approximately $54.2 billion in annual revenue and employed about 349,000 people, placing it among the largest retailers in the United States by both sales and market value. For landlords, brokers and developers, the company brings a portfolio of recognizable banners that can serve as anchors or key junior anchors, depending on format. Apparel-focused brands such as TJ Maxx, Marshalls, Winners and TK Maxx tend to draw frequent, value-oriented visits, while HomeGoods and HomeSense add a differentiated home category that can complement both fashion and grocery-anchored projects. The company typically looks for visible, easily accessible sites within established trade areas, and its variety of concepts allows it to work within a range of box sizes and center types, from power centers to open-air community centers and select urban streets.

TJX’s growth posture remains disciplined but active. The company has signaled continued appetite for new stores in the United States, Canada, the United Kingdom, Ireland, Germany and Poland, along with ongoing infill in other established markets. It has also kept a steady pace of relocations and remodels to improve store layouts and visibility, rather than relying on transformative deals. The off-price model has historically performed relatively well across different economic cycles, allowing TJX to remain a dependable occupant when some full-price chains pull back. As of February 2024, the combination of its store count, financial strength and banner diversity makes TJX a significant and versatile tenant for shopping center and high-street owners in North America and selected international markets.