We strongly value the relationships that we have developed with our vendors. Built on a foundation of honesty, trust and ethical business practices, we believe these relationships have been a key factor in our long-term success.
On a worldwide basis, over 1,000 Associates in our buying organization source from a universe of more than 18,000 vendors in 100+ countries, and as part of TJX’s purchase order terms, all of our vendors are required to comply with our Vendor Code of Conduct. The Vendor Code of Conduct requires that goods we sell have been manufactured and shipped in accordance with all applicable laws, regulations and industry standards, including, among other things, a commitment to respect the rights of the workers who manufacture products for sale in our stores. These requirements stand even if a vendor applies their own code of conduct, monitoring or ethical sourcing guidelines.
We are an off-price retailer, and for us, value is a combination of brand, fashion, price and quality. We deliver great value on an ever-changing selection of brand name and designer fashion at prices that are generally 20%-60% below department and specialty store regular prices on comparable merchandise, every day.
The majority of product we sell in our stores is brand name merchandise. To obtain this merchandise, we work closely with our vendors and take advantage of a wide variety of opportunities, which can include department store cancellations, a manufacturer making up too much product or a closeout deal when a vendor wants to clear merchandise at the end of a season. There are other ways we bring tremendous value to our customers. For example, some merchandise is designed by our own fashion and style experts and manufactured just for us, particularly when what we are seeing in the marketplace is not the right value for our customers.
Historically, we have focused our factory monitoring and supplier training program on suppliers of products that we have designed, as this is where we are most likely to have a meaningful impact. We collaborate closely with our buying agents and international buying offices because they have strong relationships with local production facilities and are well positioned to reinforce our expectations. TJX believes deeply in ethical sourcing in our supply chain and is ever committed to continuous improvement. Even though we do not own, operate or control any facilities that manufacture products sold in our stores, all of our vendors are required to follow our Vendor Code of Conduct.