T.J. Maxx Is Closing Stores in Boston and Maryland, but Parent TJX Plans 500 More Locations Worldwide

BOSTON — T.J. Maxx has closed at least two stores this year, including a high-profile location on Boston's Newbury Street, even as its parent company, TJX Companies, pushes ahead with plans to expand its global footprint by hundreds of stores.

The closures, which affected nearly 180 workers, come as the off-price retail giant continues to post steady sales growth and raise its outlook, underscoring how even fast-growing retailers regularly reshuffle their store fleets.

Newbury Street store shuts down

The Boston closure came first. The three-floor T.J. Maxx store on Newbury Street, one of the city's best-known shopping corridors, stopped operating on Jan. 5 after nearly 10 years in business, according to Fast Company.

A Massachusetts WARN notice tied to the closure listed 117 affected workers. Most were offered positions at nearby T.J. Maxx stores, according to the report.

The store had been a notable presence on Newbury Street, an area lined with boutiques, restaurants and national brands that draws both local shoppers and tourists.

Maryland mall location closes

T.J. Maxx also closed its store at Ellsworth Place, a shopping center in Silver Spring, Maryland, outside Washington. About 60 workers lost their jobs after the store's roughly decade-long run at the site, Fast Company reported.

Company calls it routine

A T.J. Maxx spokesperson described the closures as part of the company's normal approach to managing its real estate.

"We are always assessing and reviewing our real estate strategies and our decision to close this store reflects that thinking," the spokesperson told The U.S. Sun.

The company did not indicate that further closures were planned.

Closures common amid expansion

Industry analysts say closing select stores is not unusual, even for retailers that are growing.

Elizabeth Lafontaine, director of analytical research at Placer.ai, a firm that tracks retail foot traffic, said companies often adjust their store networks as they expand.

"Store fleet expansion involves creating the right store formats in the right locations for the right audience, which can require some pivots over time," Lafontaine told Inc.

Retailers typically evaluate locations based on factors such as lease costs, foot traffic, shopping center performance and changing customer demographics. Stores in high-rent urban districts or struggling malls can be particularly vulnerable, even when a company's overall business is strong.

A massive retail footprint

T.J. Maxx operates more than 1,300 stores in the United States and serves as the cornerstone of the TJX portfolio. Parent TJX Companies runs close to 5,000 stores worldwide under banners that include T.J. Maxx, Marshalls, HomeGoods, HomeSense and Sierra.

The company has built a reputation as one of the most consistent performers in retail, posting 34 consecutive years of comparable sales growth, according to Fast Company.

TJX's off-price model, which offers brand-name clothing, home goods and accessories at discounts compared with department stores, has proved resilient through economic downturns and shifting consumer habits. Its "treasure hunt" shopping experience, with frequently changing merchandise, has helped keep shoppers coming back to physical stores even as online shopping has grown.

Plans to open hundreds more stores

Rather than shrinking, TJX is accelerating its growth plans.

The company recently raised its full-year profit forecast and announced it would increase its pace of new store openings to 4% a year starting in fiscal 2028. It also set a higher long-term goal of 7,500 stores worldwide, an increase of 500 locations above its previous target across its current retail brands.

TJX maintained its forecast for annual comparable store sales growth of 3% to 4%.

Strong second-quarter results

In its most recent quarter, TJX reported net sales of $15.18 billion, up from $14.4 billion a year earlier. Comparable sales, which measure growth at stores open at least a year, rose 4%.

Performance varied across its divisions. Chief Executive Officer and President Ernie Herrman said the Marmaxx division, which includes T.J. Maxx and Marshalls, posted comparable sales growth of 1% in the quarter.

Other divisions performed more strongly. HomeGoods, TJX Canada and TJX International each reported comparable sales gains in the range of 6% to 7%.

The slower growth at Marmaxx, the company's largest segment, may help explain why T.J. Maxx is carefully reviewing the performance of individual locations even as the broader company expands.

Shoppers and workers

For shoppers, the closures mean fewer options in two busy markets, though both Boston and the Washington suburbs still have other T.J. Maxx and Marshalls stores nearby.

For workers, the impact varied. Most employees at the Newbury Street store were offered jobs at other locations, while about 60 workers in Silver Spring lost their positions, according to Fast Company.

TJX is expected to provide further updates on its store expansion plans and holiday-season outlook when it reports third-quarter results in the coming weeks.

Analysts will be watching whether the Marmaxx division can regain momentum heading into the critical holiday shopping period, and how the company balances store openings with selective closures as it works toward its goal of 7,500 locations worldwide.