TJX to Accelerate Store Openings as Off-Price Momentum Continues

TJX Companies, the parent of TJ Maxx, Marshalls and HomeGoods, said it will raise its annual store growth rate to 4 percent from 3 percent beginning next year. CEO Ernie Herrman announced the plan during the company's Aug. 19 earnings call, citing stronger opportunities in the off-price channel.

The retailer currently operates 5,285 stores across 10 countries, including the U.S., Canada, Spain and the U.K. TJX also lifted its long-term global store target to 7,500 locations within existing markets, up from its earlier goal of 7,000. The additional 500 stores will include 300 for TJ Maxx and Marshalls combined and 200 for HomeGoods.

CFO John Klinger said new store openings have exceeded expectations, with 23 stores opened in the latest quarter, including a second TJ Maxx location in Spain. He pointed to opportunities in rural areas where department stores are closing, as well as small-format stores that can expand TJX's presence in dense urban neighborhoods.

The expansion plans come alongside continued sales gains. TJX reported second-quarter fiscal 2027 net sales of $15.2 billion, up 5 percent year over year. For the first half of the fiscal year, net sales reached $29.5 billion, a 7 percent increase from the same period a year earlier. The company also recorded $331 million in tariff refunds during the second fiscal quarter.