T . J .  M a x x is the largest off-price apparel retailer in the United States. T.J. Maxx offers brand name family apparel, giftware, domestics, women’s shoes, accessories and fine jewelry at prices 20-60% below department store regular prices. T.J. Maxx customers generally fit the profile of the department store shopper; she is a savvy consumer who is fashion and value conscious. This division operated 580 stores nationwide at the end of 1997, with an average store size of 29,000 square feet.

M a r s h a l l s is the nation’s second largest off-price apparel retailer and was acquired by TJX in 1995. Marshalls operated 461 stores at 1997’s year end and offers brand name family apparel, giftware, domestics and accessories. In addition, Marshalls offers shoes for the entire family and a broader assortment of menswear than does T.J. Maxx, all at excellent values. Marshalls’ customer demographics are also those of a department store customer, but reach a somewhat wider range than those for T.J. Maxx. Average store size at Marshalls is 32,000 square feet.

W i n n e r s  A p p a r e l  L t d ., operating 76 stores in Canada at 1997’s year end, is the leading off-price family apparel retailer in that country. Patterned after T.J. Maxx, Winners offers family apparel, giftware, domestics, accessories and women’s shoes. Winners’ customer profile is very similar to that of T.J. Maxx and Marshalls. As at our other divisions, the Winners’ customer typically shops for her entire family, seeking excellent value on brand name merchandise. This rapidly growing chain expects to open about 12 new stores in each of the next several years.

H o m e G o o d s, a chain of off-price home fashions stores, operated 23 stores at 1997’s year end. HomeGoods offers a wide array of merchandise for the home, including giftware, domestics, rugs, bed and bath, lamps and seasonal merchandise at great values.

T . K .  M a x x , a T.J. Maxx-like, off-price apparel concept, operated 30 stores in the United Kingdom and 1 store in the Republic of Ireland at the end of 1997. T.K. Maxx has been very well received by U.K. customers and represents an important growth vehicle for TJX. In 1998, T.K. Maxx expects to open approximately 10-12 stores, most of which will be in the United Kingdom. 1998 will also mark the expansion of T.K. Maxx on the European mainland, with the opening of two stores in the Netherlands.