HomeGoods Is Quietly Growing - Even as TJ Maxx and Marshalls Close Stores

TJX is having a banner year. Across TJ Maxx, Marshalls, and Burlington, the retailers plan to continue expanding their store footprints. This comes during a time when department store numbers are down. Shoppers are flocking toward off-price shopping to help keep more money in their pockets.

And HomeGoods is also reaping the benefits, with sales up 10% in the first half of the fiscal year. That's leading to a plan to increase TJX's annual store growth rate to 4% starting in fiscal 2028, putting the company on track for a long-term target of 7,500 stores globally.

Here's what shoppers need to know about these moves and how to find out if one of the brand-new stores is coming to an area near you.

Closures sometimes come before openings

First, it's worth addressing the elephant in the room: in some communities, the buzz is actually around stores closing. For example, a store recently closed at Chesterfield Towne Center in Richmond, VA. Unfortunately for that location, it's a marker of the company focusing on markets where they see more potential. In that area, a new store opened in nearby Pocono Crossing, which is seeing major redevelopment.

Off-price will continue to add new stores

Department stores are shrinking, and that's pushing people toward off-price. That becomes a simple example of supply and demand. People want the lower retail prices that they see on the "Compare at" price tags of TJX locations.

With 10% sales growth in the first half of the fiscal year, it only makes sense to capitalize on the public's demand. TJX has increased its long-term global store target by 500 locations, including 200 additional HomeGoods and Homesense locations in the U.S.

HomeGoods is becoming a huge driver for TJX

Among TJX's seven main brands, HomeGoods is making a name for itself. Its focus on home items is resonating with customers, and its net sales are up 10% year-over-year.

Their banners include kitchen gadgets, home linens, seasonal decor, consumables like coffee and condiments, candles, entertaining items, furniture, rugs, and bed and bath, and that's currently a home run with customers looking to make their spaces cozy. While TJ Maxx and Marshalls also carry home items, HomeGoods makes it their sole focus.

HomeGoods has its eyes on going global

Currently, all HomeGoods stores are concentrated in the United States and the U.S. Territory of Puerto Rico. The highest number of stores are in California, Texas, and Florida. But with the expansion, HomeGoods execs aren't ruling out the potential of going abroad. If they find the right scenario, they're open to expanding internationally, just like their sister brands already have.

Growth is being driven by larger purchases

The growth in sales at HomeGoods is coming from shoppers spending more in a single transaction — or a higher average basket, as they call it in the industry. Everything from the seasonal items that HomeGoods is known for to kitchen gadgets, linens, and even consumables is performing well. People want to fill their homes with charming items, and HomeGoods is there to make it happen.

Multiple factors are influencing store opening decisions

Each store that opens has an entire team behind it examining multiple factors, including traffic and rent. They look at store-level economics and the potential of that location to succeed. If a location starts lagging, they immediately start looking to see if there's more opportunity nearby. For a company to see this type of growth, there have to be intentional decisions made, and TJX is dedicated to expanding wisely.

TJ Maxx is also closing stores

TJ Maxx recently closed two stores in Maryland and one in Massachusetts. This comes amid the news that they're opening stores nationwide, but it's another testament to the TJX commitment to growing intentionally rather than just opening stores to meet a specific number.

Check the grand opening page

If a store near you closes, it's always worth checking to see if there's a new one on the horizon. Luckily, there's an up-to-date list on the HomeGoods website that details their new store openings. New locations currently include Burlington, NC; Bakersfield, CA; Bridgeville, PA; Shirley, NY; Elizabethtown, KY; Orlando, FL; Columbus, OH; and more.

Bottom line

Have a shopping wish list that goes beyond the house and decor finds at HomeGoods? Try these Target shopping hacks to outfit your home on a budget with savings on everything you need to buy, from appliances to homewares.

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