Trio of Off-Price Chains Plans 300-Plus New Stores

This is looking to be a strong year for off-price chains like Ross Stores (Dublin, Calif.), T.J. Maxx (Framingham, Mass.) and Burlington (Burlington, N.J.), as shoppers look to save money where they can, reports Business Insider.

While other retailers are closing scores of stores nationwide, such discounters are expanding. Ross announced it plans to open 100 stores in 2023, and President Michael Hartshorn said during a call with investors last month that the recent financial troubles at Bed Bath & Beyond and Party City haven’t changed his company’s plans for the year. “Historically, any time there’s retail bankruptcies, that’s provided us opportunities for new store locations,” he said.

T.J. Maxx saw a 5 percent increase in sales in its most recent quarter and said it plans to remodel 400 locations and open 150 total stores in 2023, both in the U.S. and abroad. Parent company TJX also noted during a call with investors last month how the e-commerce decline and store closures at other retailers has been a boon for the discounter’s business.

“All we have to do there is weather the storm and keep HomeGoods and our Marmaxx business going,” Ernie Herrman, TJX’s CEO, said during a recent call with analysts. “And we think we’d come out the other side here, and even a bigger player in fashion and home business than anybody thought we would be.”

And Burlington has been working on its “2.0 strategy” since 2020 with the goal of finding its niche among its bigger, more profitable rivals. That plan includes opening 70 to 80 new stores in 2023.