TJX: New home concept name revealed
May 16, 2017,
Framingham, Mass. – The name of TJX Companies’ new home store concept sounds familiar.
Revealed this morning during the off-price retail chain’s first quarter call, the new off-price home chain will be HomeSense – the same nameplate used by the company’s home store chains in Canada, England and Ireland.
“HomeSense will offer a different mix from HomeGoods but at the same great values,” Herman continued. “We feel we are significantly underpenetrated in the total U.S. [home products retail] market…and we are confident our shoppers will love it as much as they love HomeGoods.”
Herman said TJX Cos. is “uniquely positioned” in the way it executes it home business, both from a product standpoint and from a store experience.
“Our home customers who shop HomeGoods or HomeSense in Canada or HomeSense in Europe are going through one of the most truly impulsive, treasure-hunt experiences that is out there, anywhere. And it is not just a matter of utilitarian product standpoint. We have so much passion-driven product – from small items to large item categories.”
The birth of U.S. HomeSense emerges as the company’s total home business continues to expand.
“When we look at the results…clearly, home is a driver for TJX,” Herman continued. “Home has been a little stronger than apparel, especially when you run into weather time periods. But regardless of that, we’ve had such consistent home performance across all of our home businesses that we think it is untapped potential going forward.”
To support HomeSense in the United States, the company is leveraging from its existing operations, including supply chain and global buying teams.
“We have one of the most broadly-based, closely-working buying teams in retail today, and that really differentiates us from anything the competition can do in terms of how we source products, we think no one can replicate the fashion and quality we have in our home business– a reason we are bullish on home.”
HomeGoods is also being expanded in tandem with HomeSense’s debut, with new stores slated for this year and onward.
“We will be adding more and more home stores going forward at an advanced rate,” Herman summed.
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