Business is booming for off-price chains such as Last Chance, Macy’s Backstage and Nordstrom Rack, and hundreds of new stores are planned for the coming years. These chains and also traditional discounters like T.J.Maxx offer shoppers something that online merchants cannot: the thrill of the treasure hunt.
There are now twice as many Nordstrom Rack stores as there are regular Nordstrom stores, and a dozen more of the former are set to open this year, reports the Chicago Tribune. The Rack gained about 6 million customers last year, according to the retailer.
A dozen more Nordstrom Rack stores are to open this year
Meanwhile, Macy’s is repurposing space at about 100 traditional department stores for its Macy’s Backstage “on mall, off-price" concept this year, the newspaper notes. Currently, there are seven.
TJX Cos., parent of T.J.Maxx, HomeGoods and Marshalls, now operates roughly 4,000 stores across nine countries and intends to roll out about 2,000 more. The company has plans to open nearly 70 T.J.Maxx and Marshalls stores this year alone.
TJX Cos. will open about 2,000 stores this year
Ross Stores, for its part, has announced that it will open roughly 100 additional stores this year, including 25 DD’s Discount units.
Ross Stores will open about 100 stores this year
Moody’s Investors Service predicted last fall that off-price retailers will remain the top retail performers over the coming 12 to 18 months. “Off-price continues to do well," said Christina Boni, a Moody's vice president and senior analyst, speaking to the Tribune, "and I don’t think there’s anything that ultimately changes our view.”
By Edmund Mander
Director, Editor-In-Chief/SCT
