Growing a Global, Off-Price Value Company

Our vision is to grow TJX as a global, off-price value Company. With over 2,800 stores today, we believe we have the potential to ultimately grow to nearly 4,500 stores with our current portfolio of brands in our current markets. Our approach to growth is strategic and deliberate, and we seek to capitalize upon our most profitable businesses, all of which we see as having major growth potential. In the U.S., Marmaxx has growth opportunities in big and small markets. In 2011, we expect to net 116 new T.J. Maxx and Marshalls stores, combined, at this division. Marmaxx has significantly widened its customer demographic reach to service more moderate-income customers in markets that would have previously been targeted for our former A.J. Wright division, which gives us confidence in increasing the long-term growth potential for this division by 300-400 stores. We see HomeGoods as the destination for truly unique home fashions, and we believe it has plenty of growth ahead. In 2011, we plan to net 38 additional HomeGoods stores and long term, we believe we can more than double the number of HomeGoods stores in the U.S.

We operate successfully in six countries and are one of the few American retailers to have expanded profitably internationally. In Canada, we started as a five-store Winners chain in 1990 and today, TJX Canada is that country’s premier off-price retailer. In addition to operating Winners and HomeSense, we are excited about our recent launch of Marshalls in Canada, with our first five stores opened in spring 2011. At TJX Canada, we expect to add 15 new stores in 2011 and continue to regard Canada, where we have achieved our highest financial returns, as holding excellent long-term growth potential for TJX. In Europe, we brought the off-price concept to the U.K. 15 years ago, and have grown TJX Europe to be the only major off-price retailer in Europe. In addition to operating T.K. Maxx in the U.K. and Ireland, we brought T.K. Maxx to Germany in 2007, followed by Poland in 2009. Following 15 years of very strong performance, we grew a bit too fast in Europe in 2010, and in 2011, we are slowing the pace of growth, with 27 new stores planned, as we focus on getting this business back onto its very solid track. Long term, we remain very confident in our growth potential in Europe, again, as the only major off-price retailer there and with our customer reach that can be very wide. We believe that we have enormous future growth in front of us and that we can ultimately grow TJX to be double the size it is today!