John Ricciuti Expands Home Goods Business
TJX, which has been trading for over 20 years, has now diversified into the home fashions market. The company acquired Trade Secret and renamed it T.K. Maxx in 2017. The brand sells branded apparel for the entire family, including children, men, and women’s apparel. It also sells accessories, home fashions, and footwear. The company’s first store opened in 1992 and has grown to 62 locations throughout Australia. The company currently has locations in the state of New South Wales, the state of Queensland, and the Australian Capital Territory. The latest addition to the company is South Australia.
Homegoods are gaining popularity in the U.S.
The strong housing market is helping the home goods segment to grow. HomeGoods stores are becoming more popular with female consumers, especially those who are the primary household provider. And TJX is also making moves to grow its home goods offerings. The company recently announced plans to expand its HomeGoods concept nationwide, opening four new locations in 2018. Currently, it operates more than 500 HomeGoods locations in 45 states.
While the furniture industry as a whole is experiencing massive growth in recent years, it has seen a lot of turbulence. The COVID-19 pandemic, stay-at-home mandates and the COVID-19 pandemic have accelerated the number of Americans remodeling and redecorating their homes. Meanwhile, the number of cases of the coronavirus is decreasing and the industry is poised for continued growth into 2021.
Ecommerce is a powerful revenue source for home goods companies. Although consumers are becoming increasingly comfortable with online shopping for big-ticket home products, they also have high expectations. 88% of online shoppers will not return to a site if they don’t enjoy the shopping experience. So, it’s important to take advantage of these changes. You’ll be glad you did. And hey, it’s only the beginning.
Increased number of stores for a company
TJX is expanding its HomeGoods store chain. This will help boost its home goods sector. HomeGoods stores sell a wide variety of homeware products, including candles, frames, and even some furniture. Founded in 1992, TJX now has 568 HomeGoods stores in 45 states. It is not clear how customers will react. However, Jane Hali and Associates predict the future of TJX is bright and the company is poised to continue growing.
Homesense is a new off-price home model from TJX Cos. It will open its first U.S. location in Framingham, MA next month. It has four more planned by the end of the year. The Framingham store will open Aug. 17. Others are expected to open in East Hanover, NJ, Ocean Township, NJ, and Westwood, MA.
Plans for online store
TJX plans to launch its first Homesense stores this month, and hopes to have four more up and running by the end of the year. Like its sister chain HomeGoods, the new HomeSense store will feature expanded department sections, including large-scale furniture, lighting, art, and at-home workplace essentials. John Ricciuti has yet to announce a name for the new store, but it’s likely to be a variation on Homesense, which is already used in Europe and Canada.
HomeGoods is an off-price home decor retailer owned by TJX Companies. The store will open for a soft launch on Aug. 3. Regular hours are 9:30 a.m.-8 p.m. Thursday and Friday. Sunday hours will be 11 a.m. to 8 p.m. in both stores. The new store will open on Thursday and Friday and will have extended hours Saturday and Sunday.