As more consumers favor online shopping, many retail stores are closing their doors for good or announcing mass closings which have resulted in the loss of quite a few jobs. However, on a positive note, the company in charge of discount retailers Marshall’s and T.J. Maxx says that it is looking into opening around 1,300 more locations throughout U.S. and Canada.
The part of the company that owns U.S. T.J. Maxx and Marshall’s say that around 800 more stores will be opened. There are also Sierra Trading Post and HomeGoods store brands in the U.S., coupled with Winners, HomeSense, and Marshall’s in Canada that will also be adding more stores to their portfolio.
It would seem that TJXs optimism in opening these new stores come after it reported promising sales for its fiscal year. It reported a net income of nearly $678 million in the fourth quarter. That’s added to the rise of its net income by 4 percent to $2.3 billion. These increase in sales numbers come at a contradiction with other retailers who haven’t been doing so well due to more consumers shopping online at places like Amazon.
In fact, large retailers like Macy’s reported a dip in sales by at least 2.1 percent for its fourth quarter. Macy’s is also one of the retail stores that announced it was closing a large number of its stores. At least 66 Macy’s stores were closed and 34 more will be closing.
Yet Macy’s isn’t the only retailer to announce closures. The Limited closed all 250 of his doors. Sears is another retailer that not only needed to borrow nearly $500 to stay afloat while announcing the closure of more than 150 of its stores.
However, while T.J. Maxx and Marshall’s offer a wide variety of products that attract its consumers. What keeps shoppers coming back time and time again is the bargain hunting for name brand clothes.
Even though T.J. Maxx and Marshall’s stores could be popping up all over the U.S. and Canada, there’s a possibility that even more stores will show up internationally. It’s estimated that 1,100 locations could be seen in Europe and Australia.
