TJ Maxx

{{short description|American discount department store chain owned by TJX Companies}}

{{Infobox company

| name = TJ Maxx

| logo = TJ Maxx Logo.svg

| logo_upright = 0.8

| logo_alt = TJ Maxx logo

| image = TJ Maxx (51922971696).jpg

| image_alt = TJ Maxx store in Upper East Side, Manhattan

| image_caption = TJ Maxx store in Upper East Side, Manhattan

| type = Subsidiary

| founder = Bernard Cammarata

| key_people = Ernie Hermann (CEO)

| areas_served = United States

| industry = Retail

| locations = 1,271{{Cite web|url=https://www.statista.com/statistics/863766/the-tjx-companies-number-of-stores-worldwide-by-brand/|title = TJX Companies' number of stores by brand globally 2021}}

| genre = Department store

| products = Clothing, footwear, accessories, jewelry, beauty products, bedding, bath, furniture, home decor, housewares, toys, and giftware

| parent = TJX Companies
(1987–present)

| foundation = {{start date and age|1976}} in Framingham, Massachusetts

| location = Framingham, Massachusetts

| homepage = [https://tjmaxx.tjx.com/store/index.jsp tjmaxx.tjx.com]

}}

TJ Maxx (stylized as T•J•maxx){{efn|The name is sometimes punctuated as T.J. Maxx or T.J.Maxx.}} 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.[http://www.tjx.com/businesses_tjmaxx.html T.J. Maxx, The TJX Companies, Inc., undated]{{Dead link|date=April 2023 |bot=InternetArchiveBot |fix-attempted=yes }}. Retrieved November 28, 2015. 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. Their product prices and inventories are usually identical and they have similar store layouts. In some locations, a Marshalls may be more upscale than a nearby TJ Maxx, carrying their Runway inventory where the TJ Maxx does not. And in other cities, the inverse may be true. Across their chain, though, they are, for all practical purposes, the same store.

The CEO of TJX Companies is Ernie Herrman.{{cite web |title=Ernie Herman, TJX Companies, Inc: Profile and Biography |url=https://www.bloomberg.com/profile/person/6943642 |website=Bloomberg |access-date=May 10, 2022}}

History

File:Milwaukee November 2022 33 (Plankinton Arcade TJ Maxx).jpg in Milwaukee]]

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.{{Cite web|url=http://archive.boston.com/globe/business/packages/globe_100/1997/content/tjx.htm|title=TJX Companies: Company of the Year|website=The Boston Globe|language=en|date=May 20, 1997|access-date=May 2, 2020}} The concept proved so successful that Zayre sold its namesake chain to Ames, a rival discount department store, in September 1988.{{Cite web|url=https://www.upi.com/Archives/1988/12/06/Zayre-to-become-TJX-Companies/6056597387600/|title=Zayre to become TJX Companies|website=UPI|language=en|access-date=May 23, 2019}} In December, Zayre announced a restructuring plan for the company and was renamed as TJX Companies, Incorporated. TJX bought Marshalls in 1995.

In the fall of 1998, TJ Maxx opened the store chain A.J. Wright.{{cite web|url=http://sec.edgar-online.com/1999/04/29/15/0000950135-99-002215/Section2.asp |title=TJX Annual Report (Regulation S-K, item 405) (10-K405) ITEM 1. BUSINESS |publisher=Edgar Online |access-date=January 21, 2007 |url-status=dead |archive-url=https://web.archive.org/web/20071001010115/http://sec.edgar-online.com/1999/04/29/15/0000950135-99-002215/Section2.asp |archive-date=October 1, 2007 }} This chain was closed in January 2007.{{cite web|date=November 30, 2006|url=http://news.morningstar.com/news/ViewNews.asp?article=/BW/20061130005476_univ.xml&pgid=qtqnPress4|title=The TJX Companies, Inc. Reports In-Line November 2006 Sales; Repositions A.J. Wright Division for Future Growth|publisher=Business Wire|access-date=January 20, 2007}}

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.{{cite news |first = James |last = Thompson |url = https://www.independent.co.uk/news/business/analysis-and-features/discount-fashion-taking-it-to-the-maxx-1774064.html |title = Discount fashion: Taking it to the Maxx |work = The Independent |date= August 19, 2009 | access-date = September 11, 2009 }}

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. {{Cite web|url=https://www.watfordobserver.co.uk/news/19406757.first-look-inside-tjxs-93m-headquarters-watford/|title=First look inside retailer's new £93m headquarters|date=June 30, 2021 }}

=Comparison with competitors=

Business Insider described TJ Maxx as "Macy's worst nightmare" in a 2016 article{{Cite web|url=https://www.businessinsider.com/tj-maxx-threat-to-department-stores-2016-5|title=TJ Maxx is Macy's worst nightmare|first=Mallory|last=Schlossberg|website=Business Insider}} 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."{{Cite web|url=https://www.businessinsider.com/tj-maxx-sales-are-up-as-department-stores-struggle-2016-8|title=TJ Maxx should terrify Macy's|first=Mallory|last=Schlossberg|website=Business Insider|date=August 4, 2016 }} As off-price retailers became an increasing threat to traditional department stores,{{Cite web|url=https://www.cnbc.com/2015/12/11/tj-maxx-is-beating-macys-in-this-way.html|title=TJ Maxx is beating Macy's in this way|first=Krystina|last=Gustafson|date=December 11, 2015|website=CNBC}} signaling a change in consumer buying habits,{{Cite web|url=https://fortune.com/2015/05/05/macys-discount-stores/|title=Macy's takes on T.J. Maxx with new, smaller discount stores|website=Fortune}} TJ Maxx's revenue grew to surpass that of Macy's.{{Cite news|url=https://www.economist.com/the-economist-explains/2016/01/07/why-off-price-shops-are-trouncing-department-stores|title=Why "off-price" shops are trouncing department stores|date=January 7, 2016|newspaper=The Economist}}

According to The Economist, "the overheads at TJX and Ross are, as a percentage of sales, about half those of Macy's or Nordstrom".{{Cite news|url=https://www.economist.com/business/2016/01/09/to-the-maxx|title=To the Maxx|date=January 9, 2016|newspaper=The Economist}} 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."{{Cite web|url=https://fortune.com/2017/02/22/tjmaxx-macys-earnings-holidays/|title=T.J. Maxx Demolished Macy's During the Holidays|website=Fortune}}

=Data theft=

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.{{cite web |url=https://www.nbcnews.com/id/wbna17853440 |title=T.J. Maxx data theft worse than first reported |access-date=February 16, 2009 |publisher=NBC News |date=March 29, 2007 }} This exposed more than 100 million{{cite web|url=https://www.privacyrights.org/data-breaches?title=TJX|title=Privacy Rights Clearinghouse - Data Breaches|website=privacyrights.org}} customers to potential fraud, making it the largest security breach in history at the time.{{cite web|url=https://money.cnn.com/gallery/technology/security/2013/12/19/biggest-credit-card-hacks/3.html|title=5 of the biggest-ever credit card hacks|first=Julianne|last=Pepitone|date=December 19, 2013|publisher=CNN}} According to the company, this affected customers who used their card between January 2003 and June 2004 at any branch of TJ Maxx.{{cite news |url = http://business.timesonline.co.uk/tol/business/money/consumer_affairs/article1588849.ece |archive-url = https://web.archive.org/web/20070406172055/http://business.timesonline.co.uk/tol/business/money/consumer_affairs/article1588849.ece |url-status = dead |archive-date = April 6, 2007 |title = Millions are caught in great credit card heist |work = The Times |date= March 30, 2007 |access-date = June 25, 2007 | location=London | first1=Jonathan | last1=Richards | first2=Christine | last2=Seib | first3=David | last3=Brown}} Details were stolen by hackers installing software via Wi-Fi{{cite news|url=http://news.zdnet.co.uk/security/0,1000000189,39286991,00.htm |title=Wi-Fi hack caused TJ Maxx security breach |last=Espiner |first=Tom |date=May 7, 2007 |work=ZDNet |access-date=September 16, 2009}} in June 2005 that allowed them to access personal information on customers. The breach continued until January 2007.{{cite news|url=http://news.zdnet.co.uk/security/0,1000000189,39286574,00.htm |title=TJ Maxx owner: 45.7m accounts were compromised |last=Kawamoto |first=Dawn |date=March 30, 2007 |work=ZDNet |access-date=September 16, 2009}}

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.{{cite news|url=http://news.zdnet.co.uk/security/0,1000000189,39457677,00.htm |title=Alleged TJX hackers charged |last=Espiner |first=Tom |date=August 6, 2008 |work=ZDNet |access-date=September 16, 2009}} 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.{{cite news |first =Dunn |last =John E. |url = http://www.computerworlduk.com/management/security/data-control/news/index.cfm?newsid=3442 |title = T.J. Maxx data breach costs could hit £800m |publisher =ComputerworldUK |date= June 12, 2007 |access-date = June 25, 2007}}

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.{{cite web

|first=Declan

|last=McCullagh

|url=http://news.cnet.com/8301-13578_3-20001207-38.html

|title=T.J.Maxx hacker sentenced to 20 years in prison

|date=March 25, 2010

|website=CNET

|access-date=July 4, 2010

|archive-date=August 25, 2013

|archive-url=https://web.archive.org/web/20130825030646/http://news.cnet.com/8301-13578_3-20001207-38.html

|url-status=dead

}}