A T.J. Maxx store in Pasadena, California.
Mario Anzuoni | Reuters
Off-price retailers like TJX Companies and Ross are still posting sales gains and taking market share from rivals, but it’s not just because consumers are under pressure and hunting for value.
Persistent inflation and rising prices for essentials like food and gas have pushed shoppers to trade department stores like Macy’s and Kohl’s for discounters like TJ Maxx and Ross. But they’ve also become cooler places to shop, particularly among younger consumers, and their assortments have gotten better because brands increasingly view them as a growth channel as department stores continue to shrink and lose share.
“They have trusted brands at a cheaper price. They’re more on-trend, they’re designer-led, they lean into categories that the customer is much more interested in,” said Jessica Ramirez, a senior research analyst with Jane Hali & Associates. “In terms of categories that maybe are not resonating as well, they pull…
2024-05-26 07:00:01
Article from www.cnbc.com