T.J. Maxx: 할인 소매업의 성공 사례

### T.J. Maxx: 리테일 성공의 보물 찾기
* 🛍 T.J. Maxx는 **에스프레소 머신부터 디자이너 의류까지 다양한 제품**을 파격적인 할인가로 만나볼 수 있는 예측할 수 없는 쇼핑 경험을 제공합니다.
* 💰 2024 회계연도에 T.J. Maxx는 **540억 달러 이상의 순매출**을 달성했으며, 이 중 약 **80%가 미국 매장에서 발생**했습니다.
* 📈 이 회사는 5개의 브랜드를 운영하고 있으며, 가장 유명한 브랜드로는 **T.J. Maxx, Marshalls, HomeGoods**가 있으며 **2014년부터 2024년까지 연간 매출이 거의 두 배로 증가**할 것으로 예상됩니다.
* 🎉 티제이 맥스는 할인 쇼핑을 바람직한 경험으로 탈바꿈시켜 소비자들이 **'맥시니스타'라는 정체성**을 받아들일 수 있도록 했으며, 이는 저소득층 쇼핑객을 넘어 광범위한 고객층에게 공감을 불러일으켰습니다.
* 📊 2023년, **TJ Maxx의 매출은 벌링턴과 로스의 매출을 합친 것보다 더 커졌**고, 주가는 **지난 5년 동안 두 배 이상 상승**하여 경쟁업체와 S&P 500 지수를 능가하는 실적을 기록했습니다.
* 🏠 홈굿즈의 성장세는 둔화되었지만 여전히 **미국 매출의 20% 이상**을 차지하며 다른 브랜드가 가정용품 부문에서 압박을 받고 있는 상황에서도 **'보물찾기' 쇼핑 경험의 이점**을 누리고 있습니다.
* 🔍 T.J. Maxx의 성공은 **제조업체로부터 직접 독점 제품**을 확보하고 브랜드 희석을 방지하는 관계를 유지하여 독특한 쇼핑 경험을 제공하는 능력 덕분입니다.
* 🌍 **1,000개의 매장을 추가로 오픈할 계획**인 T.J. Maxx는 국내외에서 지속적으로 성장하며 오프 프라이스 리테일 분야의 선두주자로서의 입지를 강화하고 있습니다.

T.J. Maxx는 다양한 소비자들이 바겐세일을 보물찾기 경험으로 탈바꿈시켜 인상적인 매출 성장을 이끌고 있습니다.

When you walk into a T.J. Maxx, you never quite know what you're going to find. It might be an espresso machine or a hydroflask, a Calvin Klein jacket, Samsonite luggage, or Nike socks. At least those are some of the things that I've seen firsthand shopping there. This Vineyard Vine shirt, these Ralph Lauren pants both came from a T.J. Maxx right here in New York City at a steep discount to its retail price. I swear every time I go in there, like just restocked or something. These are all Under Armour, by the way. 9.99 TJX is one of the most disruptive forces in retail over the last decade. Bargain hunting has been something that you had to do as opposed to something that perhaps you wanted to do. TJ convinced the world that it's a treasure hunt. You opted out of your department store and you go

to T.J. Maxx, and you never know what kind of gem you can find. And it kind of speaks to the whole move to second-hand and vintage that you see a lot of younger consumers doing. The company saw over $54 billion in net sales for its fiscal year 2024. About 80% of that came from its U.S. stores. So how did T.J. Maxx turn bargain hunting into one of the biggest success stories in American retail? TJX companies operate five brands in the U.S. The majority of its business is HomeGoods, Marshalls, and T.J. Maxx, which operates over 1300 locations across the country. What's very interesting about TJX is that it serves a very wide demographic. Although it's offering bargains and deals, it's not just serving a low-income consumer. There are a lot of middle-class consumers, a lot of

higher income consumers that shop at TJX. Between 2014 and 2024, TJX nearly doubled its annual sales. I'll make her a Maxxinista. T.J Max, let us make a Maxxinista out of you. Over the last decade or so, you have really seen a shift in the way that consumers view off-price. You're not some sad discount shopper. Chopper. You're a smart, savvy Maxxinista, and I think that's actually really resonated with consumers. One of the most impressive things that they have done is they have turned discount shopping from something of an embarrassment into a badge of honor. The off-price space as a whole is doing well right now, but TJX is a standout in several ways. In 2023, its annual sales were more than Burlington Stores and Ross stores combined. The company's share price has more than doubled over

the past five years, outperforming that of competition and the S&P 500. T.J. Maxx and Marshalls both have a wide selection of inventory that goes beyond clothing into the home decor space. However, the TJX retailer that takes that to the next level is home goods. Recent growth has been a little bit slower for the retailer than its other two brands, but it still accounts for over 20% of sales in the U.S., with significantly fewer stores. In this current macroeconomic environment, the housing market has set a standstill. It's frozen. So at a time when a lot of consumers are retreating from the home goods sector, and when those brands are seeing a lot of pressure on their business, home goods is still managing to win because it's the same kind of treasure hunt experience. TJ does not architect for a price point. They're very different than a discounter model.

Their goal is not to be a certain price. Their goal is to be a certain value. That sounds nuanced, but it matters. And that value is derived not just from the treasure hunt perception of the shopping experience, but also the inventory itself. Selling to off-price retailers can be extremely profitable for brands. The key is to strike a balance of getting product into those stores without cheapening their brand's image. The moment there is a perception that brands are offloading and dumping a ton of product at TJX, no one needs to shop full price. And that's when the brand loses its equity. Some consumers think off-price retailers like T.J. Maxx are just stores full of excess inventory from big brands. While this is partly true, there are other ways that these stores get products, some secure contracts to buy product directly from the manufacturers. The off-price retailers will also

partner with manufacturers to create their own exclusive private label brands. TJX buyers are really experts at getting their hands on that must-have stock, so they really are one of the leaders in terms of putting together a very compelling and engaging assortment for the consumer. And I would say TJX has the edge on that over many of the other off-price players. Last time she was in this T.J. Maxx, she saw a Jean Paul Gaultier. I came in for a return, and I left with this. With our more than 1300 global buyers sourcing from a universe of more than 21,000 vendors and from over 100 countries, we are confident that there will be plenty of quality branded merchandise available to us to support our growth plans. Beyond its quarterly earnings calls, the inner workings of TJX are somewhat secretive. The company declined CNBC's request for an interview and

would not permit us to film inside any of its stores. The company shared the following statement, saying T.J. Maxx offers a wide variety of vendors. Our rapidly changing assortments create that exciting treasure hunt shopping experience. They're never publicly talking about their business. Part of that, I think, is because of the relationship with the brands. If you actually look on TJX's website, if you're trying to shop on T.J. Maxx.com, you can't filter by brand. And there's a reason for that, because the brands aren't going to want you to do that because you're going to be undercutting their main website. The brands can give product to TJ invisibly. They can give them stuff that you and I will never see. And as soon as they drop these pallets and boxes of products in TJ, they're gone. And so this inability to go and search them online means

that they're actually less brand dilutive than if they were priced higher initially at a full price store that you and I can see online and get blasts for friends and family. Sales left and right. In 2024, TJX reported annual sales soaring past the $50 billion mark. Size is generally the biggest question people ask when it comes to TJX. Have they simply gotten too good? Have they simply gotten too big? Is there a point where the ceiling where high is too high? So far, as long as department stores have volume and revenues to donate, I think TJ has revenues to collect, but size and inventory availability is generally the greatest risk. And if it feels like T.J. Maxx has had an especially good selection of inventory over the past few years, it's not just you. Coming out of the pandemic in 2021 and 2022, shipping times were up as supply chain challenges were felt across the retail.

space. To compensate, companies began overordering products to prevent future disruptions. But then what happened is they all ended up with a glut of inventory that they couldn't get rid of. So part of why TJ Maxx benefited from that is because all of these retailers had so much excess inventory, and they really relied on the off-price channel to be able to get rid of it. So their assortment was better than ever over the last couple of years. Economic pressure on the U.S. consumer should be easing with the Fed's most recent announcement. But while inflation has gone down, prices haven't. And unlike full-price retailers, off-price stores typically benefit when the consumer is under pressure. This has underscored recent growth. However, T.J. Maxx also wins when economic conditions are good because its customer base is so diverse, it's less reliant on the lower-income consumer than its peers in

the off-price space. The company reported a same-store sales increase of 4% in its fiscal 2025 second quarter. It said that the increase was driven entirely by transaction growth, which means that more shoppers were buying things in its stores. Now, you could trade down to value channels as well as cheaper retailers. But the problem is they don't stock the brands people want, whereas off-price does. So, I think the current environment is almost like a recruiting sergeant for off-price. But as new customers are recruited and retail supply chains normalize, TJX will have to ensure that it can continue filling its stores with compelling inventory that keeps shoppers coming back. This is especially important as the company scales. TJX believes it has the potential to open 1,000 more stores. It currently has about 45% more stores than a decade ago. It's been growing its international presence as

well. Operating nearly 1400 locations in Canada, Europe, and Australia. This map shows its presence in the U.K. with T.J. Maxx counterpart T.K. Maxx. I think what's exciting about TJ's international business is that the U.S business is still growing. Companies that grow international, concurrent with U.S growth, are dramatically more exciting than companies that are simply shifting because the U.S business is starting to shrink. Each store grows inside, sees its revenues grow with existing customers and new customers, and they have an opportunity to keep growing new stores, keep adding stores to their fleet. That's a powerful one-two punch.

How T.J. Maxx Disrupted The Retail Industry

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Maxx의 파괴적 소매업 성공 사례

Maxx는 다양한 제품을 파격적인 할인가에 제공하여 쇼핑객에게 보물찾기 같은 경험을 선사합니다.

2024 회계연도에 540억 달러 이상의 순매출을 기록하며 크게 성장했으며, 미국 내 1300개 이상의 매장을 운영하고 있습니다.

Maxx는 할인 쇼핑을 성공적으로 재정의하여 다양한 고객층에게 어필하고 소비자들에게 명예의 상징으로 자리 잡았습니다.

TJX의 가정용품 소매업 성공 사례

TJX의 가정용품 브랜드는 TJ Maxx와 Marshalls에 비해 성장이 더디지만 여전히 미국 매출의 20% 이상을 차지합니다.

얼어붙은 주택 시장과 가정용품 부문에 대한 압박에도 불구하고 이 브랜드는 보물찾기 쇼핑 경험을 제공함으로써 번창하고 있습니다.

특정 가격대보다는 가치를 제공하는 데 초점을 맞추고 제조업체와의 직접 계약을 통해 제품을 확보하는 TJX의 독특한 접근 방식이 돋보입니다.

TJX는 제조업체와 협력하여 1300개 이상의 글로벌 바이어와 21,000개 이상의 벤더를 활용하여 독점적인 자체 브랜드 브랜드를 만듭니다.

이 회사의 비밀스러운 내부 작업과 빠르게 변화하는 구색은 독특한 보물찾기 쇼핑 경험에 기여합니다.

TJX는 브랜드와의 관계를 신중하게 유지하여 고객이 웹사이트에서 브랜드별로 필터링하지 못하도록 함으로써 경쟁력을 유지하는 데 도움을 줍니다.

Maxx의 독특한 가격 전략은 브랜드 희석 효과가 적다는 것이 입증되어 2024년에 500억 달러를 돌파한 연매출의 급증에 기여했습니다.

이 리테일러는 타사의 과잉 재고로 인한 혜택을 누렸으며, 그 결과 제품 선택의 폭이 넓어졌습니다.

Maxx는 어려운 경제 상황과 유리한 경제 상황 모두에서 성공을 거두며 최근의 성장을 견인하고 있습니다.

오프 프라이스 리테일 공간에서 성공을 거둔 TJX의 사례

TJX는 고객 증가에 힘입어 2025 회계연도 2분기에 동일 매장 매출이 4% 증가했다고 보고했습니다.

이 회사의 할인 모델은 인기 브랜드를 취급하는 매력적인 모델이며, 지난 10년 동안 이미 45% 성장한 1,000개의 매장을 추가로 오픈하는 것을 목표로 하고 있습니다.

강력한 국제적 입지와 미국에서의 동시 성장을 바탕으로 TJX는 지속적인 확장과 성공을 위한 유리한 입지를 확보하고 있습니다.