TJX announces expansion to complement HomeGoods retailer

The Framingham owner of T.J. Maxx and Marshalls yesterday disclosed it will launch a second home decor concept to complement its HomeGoods chain.

Off-price retailer TJX Cos. Inc. plans to open the first four of those stores later this year, CEO Ernie Herrman said during a fourth-quarter earnings call yesterday. Herrmann was scant on details and did not disclose the name of the new chain.

“With many years of successful growth both at HomeGoods and our home businesses across the company, we are thrilled to announce that we are launching a second home concept,” Herrman said. “Our approach will be to differentiate these two U.S. home concepts to encourage customers to shop both stores, which has been key to our successful growth at T.J. Maxx and Marshalls in the U.S., and Winners and Marshalls in Canada.”

TJX will leverage its existing distribution centers, supply chain and buying organization, similar to when it launched Mars halls in Canada, Herrman said. “While we are proud to have grown HomeGoods’ customer base for many years, we believe we remain significantly underpenetrated in the total U.S. home market, and enormous opportunity remains for us to gain share in this space,” he said.

The new chain will target product categories that aren’t as prevalent in HomeGoods, where it’s been testing them for the last year and a half.

“… That’s allowing us to plant the seeds and feel a high degree of confidence on what the store can do for business when it starts up,” Herrman said.

TJX, which increased its HomeGoods stores to 579 from 526 last year, will ramp up openings to 81 this year. About 20 percent will be inside larger T.J. Maxx and Marshalls stores.

TJX also plans to debut 15 more Sierra Trading Post stores this year.