Big news for fans of HomeGoods: TJX, the brand's parent company, is planning to debut a separate, brand new home store concept this year.
According to trade publication Furniture Today, TJX CEO Ernie Herrman announced the new concept during the fourth quarter earnings call on Wednesday. The company will debut four of the new home furnishings stores this year, as part of the 85-store expansion planned for the HomeGoods brand.
On the call, Herrman said, "the approach will be to differentiate these two home concepts to encourage customers to shop both stores," which is similar to how the company has grown its T.J. Maxx and Marshalls businesses in the United States. The leading "off-price" retailer also operates T.J. Maxx, Marshalls, and Sierra Trading Post, as well as HomeSense, Winners, and Trade Secret in Canada, Europe, and Australia.
"While we are proud to have grown our HomeGoods customer base for many years, we believe we remain significantly underpenetrated in the total U.S. home market and enormous opportunity remains for us to gain share in this space," he said.
The new store is "going to be going after categories that aren't so penetrated in the HomeGoods stores," Herrman said, also noting that it has been testing the categories for the past year and a half or so, although the categories were not specifically disclosed.
Overall, the discount retailer reported a 7% jump in net sales to $33.2 billion for the year, and Herrman specifically noted that the home area "just screams at us."
The name of the new stores, when they'll open, and specific categories they'll carry were not divulged on the call. TJX declined to answer any further questions from Furniture Today, and they "don't have any additional information to add at this point" when reached today for comment.
This continues the trend of discount retailers expanding beyond apparel and into the home space. In 2015, Nordstrom Rack began selling home goods online.