For many expert shoppers and deal hunters, one of the most popular destinations for gifts, home staples, furniture, clothing and more is TJ Maxx.

But it’s not just variety in stores that keeps things interesting.
Parent company TJX Companies (TJX) – Get Free Report owns and operates TJ Maxx, Marshalls, HomeGoods, Sierra Trading Post, and in the U.K., TK Maxx.

The TJX Companies business model is to give customers selection – and a lot of it. Its success it quite literally staked on other brands not being able to push all their inventory, thereby selling it to TJX in a pinch, and typically, on the cheap. Pair that with its bounty of discount (overstock) inventory it sources from hundreds of suppliers and you’ve got a winning formula to delight all ages, and, increasingly, genders.
Add to that the fact that it’s got a scant online presence – meaning, you have to come in person and shop, and probably pick up more than you anticipated, and the whole shopping trip becomes just that, an experience.

But a changing retail landscape has affected nearly everybody in a post-covid world. From Target (TGT) – Get Free Report to Walmart (WMT) – Get Free Report, Dick’s Sporting Goods (DKS) – Get Free Report to Best Buy (BBY) – Get Free Report, nearly every large retailer has raised the alarm on an increasingly budget-conscious consumer and other profit ills – including inventory shrink.

TJX Companies had largely been able to stay above the fray for a while. Its aforementioned winning business model had been enough to largely insulate it from market vacillations and its lower price points only strengthened its position among penny-pinching shoppers.

 

“I am particularly pleased with the performance of our largest division, Marmaxx, which delivered high single-digit increases in both comp sales and customer traffic,” CEO Ernie Herrman said on the Q2 earnings call in August. “Our overall apparel and accessories sales were very strong. And our overall home sales significantly improved and returned to positive comp sales growth. Clearly, our terrific mix of branded, fashionable merchandise and great values resonated with shoppers when they visited our stores.”

But at such great heights, TJX was probably bound for something of a correction. And while its stock is still up 2.5% over the past month, a recent announcement about store closures is hitting close to many homes.
TJX has already shuttered one location in St. Paul, Minn., and has further plans to shutter more stores in the coming months.
Here’s what’s closing:

New York:

Marshalls: 610 Exterior Street, Bronx, closing early January
TJ Maxx: 503 Fulton Street, Brooklyn, closing early January

Some of these locations had been in business for 10 years or more. TJX Companies, for its part, cited the reasoning for its New York closure as “economic.”

It added that it is “assessing and reviewing our real estate strategies, and our decision to close this store reflects that thinking.”

TJX runs nearly a dozen other stores in the New York borough and Chicago areas that will remain open following the closure of the three stores above. They include:

Bronx:

2952 3rd Ave, Bronx , NY 10455
845 White Plains Road, Bronx (Bruckner), NY 10473
1450 East Ave, Bronx, NY 10462

Brooklyn:

1630 East 15th St, Brooklyn, NY 11229
410 Gateway Drive, Brooklyn, NY 11239

Chicago:

11 North State Street, Chicago, 60602
2739 N Clark St, Chicago, 60614
3262 West Belmont Ave, Chicago, 60618
4932 South Kedzie Ave, Chicago, 60632
6456 West Irving Park Rd, Chicago, 60634
6165 N Lincoln Ave, Chicago, 60659