Popular discount chains TJMaxx and Marshalls, have recently announced the closure of select stores in New York. The TJX Companies, Inc., the parent company of both TJMaxx and Marshalls, has confirmed that they will be closing two stores in New York and one in Chicago. This decision comes as part of the company's ongoing reassessment of its real estate strategies. The closures include a T.J. Maxx location in Downtown Brooklyn and a Marshalls store in the Bronx, both of which are expected to close their doors by January 6, 2024.
The decision to close these stores was not taken lightly. A spokesperson for TJX explained that the closures were a result of the company's continuous evaluation and review of their real estate strategies. As the leases for these locations approached their end, the decision was made to not renew them. However, the company has ensured that all associates working at these locations have been offered jobs at nearby stores.
The closures come amidst a broader trend of retail store closures in 2023. At least 20 major retailers, including Amazon, Walmart, and Rite Aid, have announced plans to close stores this year, amounting to a staggering total of 2,847 locations. In California, Target is closing three stores in the San Francisco/Oakland market. Even century-old establishments like Brooklyn's beloved G. Esposito & Sons Jersey Pork Store are shuttering their doors.
While the closures may seem alarming, it's important to note that TJMaxx and Marshalls still maintain a strong presence across the country. Both stores operate as sister stores and share a similar footprint throughout the nation. Despite the closures, they continue to offer a wide range of products at nearly identical prices, with Marshalls typically selling a larger range of fine jewelry and accessories.
