Mr. English: TJX is the leading off-price retailer in the world with six divisions. In the US we have the Marmaxx division, which consists of T.J. Maxx and Marshalls. Internationally, we have Winners in Canada and T.K. Maxx in Europe, which are essentially clones of T.J. Maxx. Additionally, in the US, we have HomeGoods, which sells off-price home fashions. Finally, we have just launched a new division called A.J. Wright, which is targeted at the more moderate income customer, a different demographic market. Five of our six divisions really target the department store customer, whereas our A.J. Wright stores target the mass market customer.
TWST: As we look out over the next two or three years, what developments
do you see taking place in the market?
Mr. English: Our business is unique in that it actually works very well
in both booming and struggling economies. Because we deliver great value
to our customers, the off-price industry generally stands up well during
economic downturns. We are not going to change much of what we are
doing. We will continue to open our stores very aggressively. That's the
really big story. We'll have 1,200 Marmaxx stores at the end of this
year, and we believe we can open approximately 60 Marmaxx stores
annually over the next several years. We'll have 116 Winners stores at
the end of this year, and we can open 10 to 15 Winners stores annually
over the next several years. HomeGoods is a great growth story. We'll
end up this year with about 80 HomeGoods stores, and we plan to open up
30 to 40 more annually over the next several years. T.K. Maxx will end
this year with about 75 stores, and we anticipate opening about 30 T.K.
Maxx stores annually over the next several years. A.J. Wright will end
this year with 25 stores, and we think we have great growth potential
there. Ultimately, in the US, we believe that A.J. Wright could be a
1,000-store chain and that Marmaxx could be a 1,500 to 1,600-store
chain. Additionally, HomeGoods could be at least a 500-store chain.
Canada can accommodate 180 Winners stores, and the U.K. and Ireland
could support 250 T.K. Maxx stores. Additionally, we see another 300
T.K. Maxx stores on the European mainland.
Tickers included in this excerpt: TJX
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