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Global Growth

Growing a Global,
Off-Price Value Company

Our mission is to continue growing TJX as a global, off-price value company. We operate stores in nine countries on three continents and are one of the few large U.S. retailers to have expanded successfully internationally. With more than 3,900 stores as of July 29, 2017, we see the potential to expand our store base by approximately 40%, to 5,600 stores long term, with just our current chains in just our current markets alone. Our Company comprises a focused portfolio of four major divisions, which we believe represents tremendous growth potential for TJX in the U.S. and internationally. Beyond this, we are confident our value concept can work in any country where consumers seek great fashion and brands at amazing values!

In the U.S., we still see plenty of room to grow Marmaxx, our largest and most profitable division. We see the long-term potential to grow this division to 3,000 stores, over 750 more stores than today. Marmaxx’s long track record of consistent, excellent results gives us confidence in its long-term growth potential. Further, we have been successfully locating stores closer to one another and see meaningful opportunity to further penetrate both urban and rural locations. In 2017, we expect to open about 65 additional T.J. Maxx and Marshalls stores.

We also see HomeGoods as an even bigger business than it is today with the long-term potential to reach 1,000 stores. HomeGoods has driven consistently strong results for many years, which gives us confidence in the growth potential for this division. In 2017, we plan to open approximately 100 additional HomeGoods stores, including 30 conversion stores where we open a HomeGoods within a larger, existing Marmaxx store. With many years of successful growth at HomeGoods and our home businesses across the Company, we are excited to have launched our second U.S. home concept, Homesense, with four openings in 2017. We will differentiate the merchandise mix from HomeGoods to encourage consumers to shop both concepts, similar to our successful strategy with T.J. Maxx and Marshalls in the U.S. and Winners and Marshalls in Canada.

In Canada, we started as a five-store Winners chain in 1990 and today, we are that country's premier off-price retailer. In addition to Winners, we also operate HomeSense and Marshalls in Canada. Long term, we see the potential to grow TJX Canada to approximately 500 stores. This primarily reflects the opportunity we see to expand Marshalls across Canada as well as locate more Winners and HomeSense stores closer to one another and in more rural communities. In 2017, we expect to open about 35 more stores in Canada.

In Europe, we brought the off-price concept to the U.K. and Ireland over 20 years ago. Today, we are the only major brick-and-mortar off-price retailer of significant size in Europe. We brought T.K. Maxx to Germany in 2007, Poland in 2009, and Austria and the Netherlands in 2015. We also introduced the off-price home fashions concept with the launch of Homesense in the U.K. in 2008, and Ireland in 2017. In 2017, we plan to open approximately 45 additional stores in Europe. In 2015, we were excited to add Trade Secret, an off-price retailer in Australia, to our family of companies. Trade Secret opened its first store in 1992 and grew to a 35-store chain with locations in New South Wales, Victoria, Queensland and the Australian Capital Territory. In the spring of 2017, we converted our Trade Secret stores to our T.K. Maxx banner. In 2017, we expect to open four T.K. Maxx stores in Australia.

Together, our European and Australian businesses comprise our TJX International division. Long term, we see the potential to grow TJX International to 1,100 stores. This store growth estimate reflects the potential we see to grow to 975 stores with our current chains in our current European markets alone, and 125 stores in Australia.

In addition to our successful brick-and-mortar business, we see e-commerce as a complementary platform to reach more consumers and drive traffic with our great values. In 2012, we added Sierra Trading Post, an off-price, Internet retailer, to our family of businesses, and in 2013, we launched e-commerce on tjmaxx.com. Together with tkmaxx.com in the U.K., we now offer consumers three e-commerce sites to shop our great values 24 hours a day, 7 days a week. In 2017, we will also continue to test Sierra Trading Post brick-and-mortar stores, bringing this online concept to more consumers in a store setting, with 15 store openings planned throughout the U.S.

Our ability to leverage our global teams, infrastructure and operational expertise are major reasons for our confidence in being able to continue opening stores successfully around the world. We believe that we have enormous growth in front of us and see an exciting future for TJX, both in the U.S. and internationally!

December 2017