TJMaxx hopes customers will 'revenge shop' to make up for a lost year
CNN
TJMaxx has taken a hit from the pandemic with fewer people visiting stores and picking up clothing. But the discount giant is betting that customers will re-emerge once they get the Covid-19 vaccine and "revenge" shop to make up for the lost year.
TJX (TJX), the owner of discount chains TJMaxx and Marshalls, said Wednesday that sales at stores in the United States open for at least a year dropped 7% during the 13 weeks ending January 30 compared with the same stretch last year. CEO Ernie Herrman said on a call with analysts that consumer demand for clothing in the pandemic wasn't "as great as it has been." But he expects that to change. Herrman predicts a "resurgence in consumer spending and revenge shopping once vaccines are widely available," he said.
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