Framingham, Mass. TJX Cos. unveiled ambitious plans to expand Wednesday, saying the company could ultimately double in size.
The announcement came after chain, owner of T.J. Maxx and Marshalls, reported a 58% rise in profit and 10% rise in sales for its fourth quarter.
“We believe there has been a paradigm shift among customers to value," president and CEO Carol Meyrowitz told investors during a conference call on Wednesday. "We expect the economic recovery will be muted. And our history shows that after a recession, our new customers stick with us. Regardless of whether the economy is weak or strong, value isn't going out of style."
TJX currently has about 2,700 stores. It hopes to expand that number to 4,200, Meyrowitz said, but the company didn't give a time frame.
Company executives also said the company plans to announce a smaller concept store to open in spring of 2011. No additional information was given, other than the new format could grow to have 100 locations.
TJX opened 91 new stores in 2009, and plans to increase that figure to 130 this year. Most of those stores will bear the T.J. Maxx or Marshalls names or be part of the company's European operations.
"TJX has plenty of room to grow," Meyrowitz said.