TJ Maxx is closing three stores across the US this year, but the closures are happening as the company continues to expand its store network.
Three stores are being closed this year in Massachusetts and Maryland and the company has not announced when the stores will close.
The company is set to open 11 new locations in 2027. As per Post, TJX CEO Ernie Herrman said during an August 19 earnings call that the company plans to increase its store growth from 3% to 4% starting next year, “to take advantage of the growth opportunities we see out there. And then, [we want to build] the small-format store that allows us to expand in a lot of densely populated urban areas, as well,” TJX currently operates 5,285 stores across 10 countries, including the US, Canada , Spain and the UK.
“Store fleet expansion involves creating the right store formats in the right locations for the right audience, which can require some pivots over time. The high costs and low foot traffic are hurting many retailers. Even with the store closures, T.J. Maxx is opening more stores than it is closing. “We’ve experienced strong comp growth for so many quarters that we’re seeing the ability to put stores closer together than we thought before.
Elizabeth Lafontaine of Placer.ai, a foot-traffic data software company, told Inc. that it is normal for big chains to review their locations. “Chains that continue to grow their footprint nationwide benefit from more strategic location selection,” Lafontaine told Inc. It says Nordstrom, Saks and Macy’s have also had to close locations recently. TJX CFO John Klinger also spoke about the company’s plans, “We’re seeing opportunities in rural markets, where we see department stores are closing,” Klinger said.
Inc has confirmed that the off-price chain is closing three locations this year. The company has not shared any dates. One was a flagship store in Boston, while the other was at Ellsworth Place mall in Maryland.
The stores are: 360 Newbury Street, Boston, MA 02115 8661 Colesville Road, Silver Spring, MD 20910 1262 Vocke Road, Cumberland, MD 21502 According to the New York Post, TJX also closed two well-known TJ Maxx stores earlier this year. The three-story Newbury Street store in Boston closed on January 5 after nearly 10 years. A Massachusetts WARN notice showed that 117 workers were affected by the closure. The Silver Spring store at Ellsworth Place mall also closed after 10 years. About 60 workers lost their jobs.
