History of TJX Companies, Inc.
The TJX Companies is the leading off-price apparel and home fashions retailer in the United States and worldwide. In 2005 alone TJX produced over $16 billion in revenue. To earn such an impressive bottom line TJX relies on its eight retail chains: TJMaxx, Marshalls, HomeGoods, A.J. Wright, Bob's Stores, TKMaxx, Winners, and HomeSense.
The TJX Companies, Inc. traces its history back to Zayre Corp. This corporation was the parent company of the Zayre Store chain of discount department stores, which was incorporated in 1962. Zayre, Yiddish for "very good", opened its first store in Hyannis, Massachusetts, in 1956. The early success of Zayre led to rapid growth. By the early 1970's Zayre had over 200 stores and diversified into specialty retailing. (Company History).
As Zayre grew, they began to acquire other retail chains. Among Zayre's early acquisitions was Hit or Miss, an off-price chain that specialized in upscale women's clothing. In 1969, Zayre bought the Hit or Miss chain and began its exploration of the upscale off-price fashion market. Zayre's timing could not have been better. During the recession of the 1970s, Hit or Miss's impressive success resulted in Zayre deciding to expand its off-price upscale apparel merchandising.
Zayre attempted to buy the Marshalls chain, which had already established itself as a retailer of off-price apparel for the whole family. When that effort failed, the company hired Bernard Cammarata, who had been Marshalls' top buyer. The strategic plan was to match Marshalls success by cloning their business model. In Auburn, Massachusetts, in March 1977, the first T.J. Maxx opened its doors. T.J. Maxx was t ...