FRAMINGHAM, Mass. -- TJX Cos. expects to expand from 1,665 stores to 4,200 stores in nine years, growing 11 percent annually and posting an average 3 percent comparable-store sales gains during the period, Edmond J. English, president and chief...
FRAMINGHAM, Mass. -- TJX Cos. expects to expand from 1,665 stores to 4,200 stores in nine years, growing 11 percent annually and posting an average 3 percent comparable-store sales gains during the period, Edmond J. English, president and chief executive of the nation's largest off-price retailer, said at the company's annual meeting here Tuesday.About 600 of those planned stores will open in the next three years, he added.He said the expansion will be funded by cash from existing operations, while the company continues to "aggressively" buy back shares of its stock.English called the A. J. Wright off-price apparel division, launched in late 1998 and targeting moderate-income shoppers, the firm's "rising star." T. J. Maxx and Marshalls off-price divisions target mid- to upper-income demographics. Over the next nine years, A. J. Wright is projected to grow from 45 stores at the end of the past year, to more than 1,000 units, English said.TJX also expects to open 75 stores annually in its Marmaxx group of T. J. Maxx and Marshalls to reach about 1,800 stores in the next nine years. T. J. Maxx had 687 stores at the end of last year, and Marshalls had 582.The HomeGoods home furnishings chain is projected to grow from 112 stores to 650. About 500 of those will be freestanding units; the other 150 will be paired with a T. J. Maxx or Marshalls in a superstore format.Superstores average 50,000 square feet, with apparel occupying about 60 percent of the space. Just over 40 are currently open, and another 10 to 11 will open this year.In Canada, the Winners off-price apparel chain is projected to grow from 131 to 180 stores, while the recently launched HomeSense home fashions chain will expand from seven stores to between 60 and 80.The T. K. Maxx group, which operates 101 stores in the United Kingdom and Ireland, is expected to grow to 250 stores there in nine years and to a total of 550 stores in Europe overall, English said.After the meeting, English hedged on a prediction for the back half and the holiday season. "Because of the way we buy, I have no clue what we'll even have in the stores at Christmas," he said. "Certainly last year we had a very strong fourth quarter, and it was a tough time economically. If there's a bounceback in the back half of this year, we will be able to benefit. But we are not a good indicator of economic times. Our business holds up during down times as well as up times."Carol Meyrowitz, president of the Marmaxx group, was more bullish, saying, "We had a great Christmas last year, and we anticipate a great Christmas this year." In women's at T. J. Maxx and Marshalls, Meyrowitz said, "capris are very, very hot, casual is strong, and so are woven shirts with frills. We are in a fashion cycle that's about ruffles, color and being special, and not about basics."TJX opened its annual meeting with a tribute to its seven employees who died on one of the planes that crashed into the World Trade Center.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)