FRAMINGHAM, Mass. – The store count for HomeGoods hasn’t quite hit 1,000 yet, but parent company TJX Cos. recently raised the long-term growth plan for the banner – and its other nameplates.
Beginning next year, the company plans to accelerate its annual store opening cadence from 3% to 4%. That small change will have a big impact, adding 500 more locations over time to reach a total of 7,500 stores for its existing retail chains in its current countries. TJX Cos. currently operates 5,285 stores in the U.S., Canada, Europe and Australia.
“We see opportunity across every single brand that we have,” said John Klinge, senior EVP and CFO.
The new outlook adds another 300 stores to the plan for the T.J. Maxx/Marshalls chains and an additional 400 stores to the plan for HomeGoods. While the company didn’t provide specifics for its U.S. Home Sense chain (currently 86 units) or its Sierra banner (currently 156 units), CEO and president Ernie Herrman told investors they will both grow over time at a rate much higher than 4%.
Not included in the latest forecast: more international expansion.
“We’re always looking at new countries for potential,” Herrman told investors during its Q2 review call, adding that joint ventures are also a possible scenario.
“While I can’t tell you where the next country is,” he added, “you can be assured we’re looking.”
Leave a comment