TJ Maxx 2009 Annual Report Download - page 19

Part I
ITEM 1. BUSINESS
BUSINESS OVERVIEW
The TJX Companies, Inc. (TJX) is the leading off-price apparel and home fashions retailer in the United States and
worldwide.Ourover2,700storesofferarapidlychangingassortmentofquality,brand-nameanddesignermerchandise
at prices generally 20% to 60% below department and specialty store regular prices every day.
Retail Concepts: We operate eight off-price retail chains in the U.S., Canada and Europe and are known for our
treasure hunt shopping experience and excellent values on brand-name merchandise. We turn our inventories rapidly
relative to traditional retailers to create a sense of urgency and excitement for our customers and to encourage frequent
customer visits. Our flexible “no walls” business model allows us to expand and contract merchandise categories quickly
in response to consumers’ changing tastes. The values we offer appeal to a broad range of customers across demographic
groups and income levels. The operating platforms and strategies of all of our retail concepts are synergistic. As a result,
we capitalize on our off-price expertise and systems throughout our business, leveraging best practices, initiatives and new
ideas and developing talent across our concepts. We also leverage the substantial buying power of our businesses to
develop our global relationships with vendors.
In the United States:
—T.J. MAXX and MARSHALLS: T.J. Maxx and Marshalls (together known as Marmaxx) are the largest off-price
retailers in the United States with a total of 1,703 stores. We founded T.J. Maxx in 1976 and acquired Marshalls
in 1995. Both chains sell family apparel (including footwear and accessories), home fashions (including home
basics, accent furniture, lamps, rugs, wall décor, decorative accessories and giftware) and other merchandise,
primarily targeting the middle to upper-middle income customer demographic. We differentiate T.J. Maxx and
Marshalls through product assortment (including an expanded assortment of fine jewelry and accessories at T.J.
Maxx and a full line of footwear and broader men’s and juniors’ offerings at Marshalls), in-store initiatives,
marketing and store appearance. This differentiated shopping experience at T.J. Maxx and Marshalls encourages
our customers to shop both chains.
—HOMEGOODS: HomeGoods, introduced in 1992, is an off-price retailer of home fashions in the U.S. Through
323 stores, it sells a broad array of home basics, giftware, accent furniture, lamps, rugs,walldécor,decorative
accessories, children’s furniture, seasonal merchandise and other fashions for the home. The HomeGoods’ target
customers are similar to those of T.J. Maxx and Marshalls.
—A.J. WRIGHT: Launched in 1998, A.J. Wright, like T.J. Maxx and Marshalls, sells off-price family apparel,
home fashions and other merchandise. Catering to the entire family, key apparel categories for A.J. Wright’s 150
stores include basics, children’s, women’s plus sizes, juniors, young men’s and footwear. Different from all of our
other chains, A.J. Wright primarily targets the moderate-income customer demographic.
In Canada:
—WINNERS: Acquired in 1990, Winners is the leading off-price apparel and home fashions retailer in Canada.
The merchandise offering at its 211 stores across Canada and its target customers are similar to T.J. Maxx and
Marshalls. In 2008, Winners began testing StyleSense, a new concept that offers family footwear and accessories.
—HOMESENSE: HomeSense introduced the home fashions off-price concept to Canada in 2001. The chain has
79 stores with a merchandise mix of home fashions and target customers similar to HomeGoods.
In Europe:
—T.K. MAXX: Launched in 1994, T.K. Maxx introduced off-price to Europe and remains Europe’s only major
off-price retailer of apparel and home fashions. With 263 stores, T.K. Maxx operates in the U.K. and Ireland as
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