TJ Maxx
 | |
.jpg) TJ Maxx store in Upper East Side, Manhattan | |
| Company type | Subsidiary |
|---|---|
| Industry | Retail |
| Genre | Department store |
| Founded | 1976 in Framingham, Massachusetts |
| Founder | Bernard Cammarata |
| Headquarters | Framingham, Massachusetts |
Number of locations | 1,271[1] |
Areas served | United States |
Key people | Ernie Hermann (CEO) |
| Products | Clothing, footwear, accessories, jewelry, beauty products, bedding, bath, furniture, home decor, housewares, toys, and giftware |
| Parent | TJX Companies (1987–present) |
| Website | tjmaxx.tjx.com |
TJ Maxx (stylized as T•J•maxx)[a] is an American discount department store chain. It has more than 1,000 stores in the United States, making it one of the largest clothing retailers in the country.[2] TJ Maxx is the flagship chain of the TJX Companies. It sells men's, women's and children's apparel and shoes, toys, bath and beauty products, accessories, jewelry, and home products ranging from furniture and decor to housewares and kitchen utensils.
TJ Maxx and Marshalls operate as sister stores, and share a similar footprint throughout the country. While their prices are nearly identical and they have similar store layouts, TJ Maxx has a more upscale appearance than Marshalls[citation needed] and typically sells a larger range of fine jewelry and accessories. Some higher-volume stores have a high-end designer department called The Runway.
The CEO of TJX Companies is Ernie Herrman.[3]
History
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TJ Maxx was founded in 1976 in Framingham, Massachusetts, by Bernard Cammarata and the Zayre chain of discount department stores. Zayre had tried but failed to purchase Marshalls, so Zayre hired Cammarata, who had been Marshalls' head of merchandising, to create a rival chain.[4] The concept proved so successful that Zayre sold its namesake chain to Ames, a rival discount department store, in September 1988.[5] In December, Zayre announced a restructuring plan for the company and was renamed as TJX Companies, Incorporated.[5] TJX bought Marshalls in 1995.[4]
In the fall of 1998, TJ Maxx opened the store chain A.J. Wright.[6] This chain was closed in January 2007.[7]
In March 2009, TJX launched an e-commerce site. At first only selling handbags, the range of items was later expanded to include clothing, shoes, jewelry, other accessories, and some home goods.[8]
Outside of North America, TJ Maxx is known as TK Maxx. The name was modified to avoid confusion with the British retail chain T. J. Hughes. The European headquarters are based in Watford, Hertfordshire. [9]
Comparison with competitors
[edit]Business Insider described TJ Maxx as "Macy's worst nightmare" in a 2016 article[10] by Mallory Schlossberg. In a later article Schlossberg also reported on how TJ Maxx's soaring sales "should be concerning for ailing department stores that are fighting to get people to pay full price."[11] As off-price retailers became an increasing threat to traditional department stores,[12] signaling a change in consumer buying habits,[13] TJ Maxx's revenue grew to surpass that of Macy's.[14]
According to The Economist, "the overheads at TJX and Ross are, as a percentage of sales, about half those of Macy's or Nordstrom".[15] Fortune stated that "the quicker inventory turn[s] and the sense that an item on a rack might not be there the following week at a TJ Maxx or a Marshalls has led to a boom in this area of retail and made such stores a rarity in the business: shoppers are coming to stores."[16]
Data theft
[edit]In 2007, the company disclosed a computer security breach dating back to 2005: computer hackers had gained access to information about credit and debit card accounts used on transactions since January 2003.[17] This exposed more than 100 million[18] customers to potential fraud, making it the largest security breach in history at the time.[19] According to the company, this affected customers who used their card between January 2003 and June 2004 at any branch of TJ Maxx.[20] Details were stolen by hackers installing software via Wi-Fi[21] in June 2005 that allowed them to access personal information on customers. The breach continued until January 2007.[22]
Affected TJX stores included TJ Maxx, Marshalls, HomeGoods, A.J. Wright, Bob's Stores in the United States, Winners and HomeSense stores in Canada, and possibly TK Maxx stores in the UK and Ireland.
Eleven people from around the world were charged with the breach in 2008.[23] In 2007, outside security provider Protegrity estimated that TJ Maxx's losses as a result of the data breach might reach £800 million in the following years, as a result of paying for credit checks and administrative costs for managing the fallout from the breach.[24]
The TJ Maxx Corporation was sued by the Massachusetts Bankers Association and co-plaintiffs including Maine and Connecticut Associated Banks for the data theft. In March 2010, computer hacker Albert Gonzalez was sentenced to 20 years in federal prison after confessing to stealing credit and debit card details from a number of companies, including TJ Maxx.[25]
Notes
[edit]- ^ The name is sometimes punctuated as T.J. Maxx or T.J.Maxx.
See also
[edit]References
[edit]- ^ "TJX Companies' number of stores by brand globally 2021".
- ^ T.J. Maxx, The TJX Companies, Inc., undated[permanent dead link]. Retrieved November 28, 2015.
- ^ "Ernie Herman, TJX Companies, Inc: Profile and Biography". Bloomberg. Retrieved May 10, 2022.
- ^ a b "TJX Companies: Company of the Year". The Boston Globe. May 20, 1997. Retrieved May 2, 2020.
- ^ a b "Zayre to become TJX Companies". UPI. Retrieved May 23, 2019.
- ^ "TJX Annual Report (Regulation S-K, item 405) (10-K405) ITEM 1. BUSINESS". Edgar Online. Archived from the original on October 1, 2007. Retrieved January 21, 2007.
- ^ "The TJX Companies, Inc. Reports In-Line November 2006 Sales; Repositions A.J. Wright Division for Future Growth". Business Wire. November 30, 2006. Retrieved January 20, 2007.
- ^ Thompson, James (August 19, 2009). "Discount fashion: Taking it to the Maxx". The Independent. Retrieved September 11, 2009.
- ^ "First look inside retailer's new £93m headquarters". June 30, 2021.
- ^ Schlossberg, Mallory. "TJ Maxx is Macy's worst nightmare". Business Insider.
- ^ Schlossberg, Mallory (August 4, 2016). "TJ Maxx should terrify Macy's". Business Insider.
- ^ Gustafson, Krystina (December 11, 2015). "TJ Maxx is beating Macy's in this way". CNBC.
- ^ "Macy's takes on T.J. Maxx with new, smaller discount stores". Fortune.
- ^ "Why "off-price" shops are trouncing department stores". The Economist. January 7, 2016.
- ^ "To the Maxx". The Economist. January 9, 2016.
- ^ "T.J. Maxx Demolished Macy's During the Holidays". Fortune.
- ^ "T.J. Maxx data theft worse than first reported". NBC News. March 29, 2007. Retrieved February 16, 2009.
- ^ "Privacy Rights Clearinghouse - Data Breaches". privacyrights.org.
- ^ Pepitone, Julianne (December 19, 2013). "5 of the biggest-ever credit card hacks". CNN.
- ^ Richards, Jonathan; Seib, Christine; Brown, David (March 30, 2007). "Millions are caught in great credit card heist". The Times. London. Archived from the original on April 6, 2007. Retrieved June 25, 2007.
- ^ Espiner, Tom (May 7, 2007). "Wi-Fi hack caused TJ Maxx security breach". ZDNet. Retrieved September 16, 2009.
- ^ Kawamoto, Dawn (March 30, 2007). "TJ Maxx owner: 45.7m accounts were compromised". ZDNet. Retrieved September 16, 2009.
- ^ Espiner, Tom (August 6, 2008). "Alleged TJX hackers charged". ZDNet. Retrieved September 16, 2009.
- ^ John E., Dunn (June 12, 2007). "T.J. Maxx data breach costs could hit £800m". ComputerworldUK. Retrieved June 25, 2007.
- ^ McCullagh, Declan (March 25, 2010). "T.J.Maxx hacker sentenced to 20 years in prison". CNET. Archived from the original on August 25, 2013. Retrieved July 4, 2010.