Off-price retailer TJX has been stealing apparel sales from department stores for several years. Now, it has another category in its crosshairs: home decor.
The parent company of T.J. Maxx and Marshalls told investors on Wednesday that it will open a new line of home goods stores this year. The concept will be complementary to its existing chain of HomeGoods shops that sells pillows, lamps and accents.
On a call with analysts outlining its fiscal fourth-quarter earnings report, TJX CEO Ernie Herrman said the company will open four U.S. stores under its new nameplate this year.
Though Herrman was mum on additional details — including the name of the forthcoming chain — he said the strategy is to encourage customers to shop at both these new stores and its existing HomeGoods locations. That strategy is similar to the approach it's taken with T.J. Maxx and Marshalls.