Global Growth


Growing a Global,
Off-Price Value Company



Our mission is to continue growing TJX as a global, off-price value Company. We operate stores in nine countries on three continents and are one of the few large U.S. retailers to have expanded profitably internationally. In 2015, we were delighted to broaden our global reach to three new countries – Austria, the Netherlands and Australia. With more than 3,600 stores today, we see the potential to expand our store base by over 50%, to 5,600 stores long term, with just our current chains in just our current markets alone. Our Company comprises a focused portfolio of four major divisions, which together represent tremendous growth potential for TJX in the U.S. and internationally. Beyond this, we are confident our value concept can work in any country where consumers seek great fashion and brands at amazing values!

In the U.S., we still see plenty of room to grow Marmaxx, our largest and most profitable division. We see the long-term potential to grow this division to 3,000 stores, over 800 more stores than today. Marmaxx’s long track record of consistent, excellent results gives us confidence in its long-term growth potential. Further, we have been successfully locating stores closer to one another and are encouraged by the attractive returns of our new stores. In addition, we see meaningful opportunity to further penetrate both urban and rural locations. In 2016, we expect to open about 60 additional T.J. Maxx and Marshalls stores.

We also see HomeGoods as an even bigger business than it is today with the long-term potential to reach 1,000 stores, almost double its current size. HomeGoods has driven consistently strong results for many years and there are about 85 U.S. markets where we operate a T.J. Maxx or a Marshalls store, without a HomeGoods store, which gives us confidence in the growth potential for this division. In 2016, we plan to open approximately 50 additional HomeGoods stores.

In Canada, we started as a five-store Winners chain in 1990 and today, we are that country's premier off-price retailer. In addition to Winners, we also operate HomeSense and Marshalls in Canada. Long term, we see the potential to grow TJX Canada to approximately 500 stores, which primarily reflects the opportunity we see to expand Marshalls across Canada and bring Winners to more rural communities. In 2016, we expect to open about 30 more stores in Canada.

In Europe, we brought the off-price concept to the U.K. and Ireland over 20 years ago. Today, we are the only major brick-and-mortar off-price retailer of significant size in Europe. We brought T.K. Maxx to Germany in 2007, Poland in 2009, and Austria and the Netherlands in 2015. We also introduced the off-price home fashions concept to the U.K. with the launch of HomeSense in 2008. In 2016, we plan to open approximately 50 additional stores in Europe.

In 2015, we were excited to add Trade Secret, an off-price retailer in Australia, to our family of companies. Trade Secret opened its first store in 1992 and is now a 35-store chain with locations in New South Wales, Victoria, Queensland and the Australian Capital Territory.

Together, our European and Australian businesses comprise our TJX International division. Long term, we see the potential to grow TJX International to 1,100 stores, more than double its current size. This store growth estimate reflects the potential we see to grow to 975 stores with our current chains in our current European markets alone, and 125 stores in Australia. This estimate does not contemplate expanding T.K. Maxx into additional European countries, growing HomeSense beyond the U.K., or further expansion in Australia.

In addition to our successful brick-and-mortar business, we see e-commerce as a complementary platform to reach more consumers and drive traffic with our great values. In 2012, we were delighted to add Sierra Trading Post, an off-price, Internet retailer, to our family of businesses, and in 2013, we launched e-commerce on tjmaxx.com. Together with tkmaxx.com in the U.K., we now offer consumers three e-commerce sites to shop our great values 24 hours a day, 7 days a week. In 2016, we will also continue to test Sierra Trading Post brick-and-mortar stores, bringing this online concept to more consumers in a store setting, with about five store openings planned.

Our ability to leverage our global teams, infrastructure and operational expertise are major reasons for our confidence in being able to continue opening stores profitably around the world. We believe that we have enormous future growth in front of us and are confident that we can grow TJX to a $40 billion-plus off-price, value retailer!

May 2016