The parent company of discount stores, like T.J. Maxx and HomeGoods, announced it will launch a new home store concept later this year.
TJX Cos. official said it will open a new chain store that will sell items for the home, but will be completely different than HomeGoods. In an earnings call last week, Chief Executive Ernie Herrman said the company will use existing distribution centers and supply chain to support the new brand.
“Looking ahead, we see many opportunities to continue our successful growth and are pursuing many initiatives to keep driving shoppers to our stores,” Herrman told investors. “We are making strategic investments in our infrastructure, stores, and new seeds to strengthen our leadership positions and allow us to capture additional market share in the U.S. and internationally.”
Herman did not say what the name of the store will be or where they will open new locations.
TJX has more than 3,800 stores with sales of more than $33 billion annually. The company also added 198 stores during the fiscal year that ended on Jan. 28. HomeGoods, Marshalls and T.J. Maxx will all add stores in the U.S. in 2017, according to a company statement.
HomeGoods has locations in Beavercreek, Miamisburg, and three others in the Cincinnati area. T.J. Maxx has stores in Kettering, Miamisburg, Beavercreek, West Chester Twp. and multiple in Cincinnati. Marshalls has locations in Huber Heights and another at Cross Pointe Shopping Center in the Dayton area, among others in Cincinnati.
» RELATED: New T.J. Maxx set to open in Kettering
The positive growth for the company, which specifically focuses on discount brands, comes as several retailers downsize brick-and-mortar stores and struggle to maintain profits.
Though retail sales are expected to grow between 3.7 and 4.2 percent, according to the National Retail Federation’s 2017 economic forecast, online sales will grow faster. Online and other non-store sales will increase between 8 and 12 percent — most likely forcing additional closures of brick-and-mortar stores, including several in the Miami Valley.
Stores like Macy’s, J.C. Penney, Sears and Kmart announced store locations will close across the U.S., including in Ohio.
The Associated Press contributed to this report.
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