TJ Maxx and Marshalls Stores Closed Permanently: Confirmed Locations

Reasons for TJ Maxx and Marshalls Store Closures

TJ Maxx and Marshalls are closing some of their stores in different locations across the United States. The parent company, TJX, is reassessing its real estate strategies, which has led to the closure of some stores. The following are the reasons for the store closures:

1. Real Estate Strategies: TJX is reassessing its real estate strategies, which has led to the closure of some stores. The company is always assessing and reviewing its real estate strategies, and its decision to close these stores reflects that thinking.
2. Poor Performance: Some stores may be closing due to poor performance. The company may be closing stores that are not generating enough revenue to justify their existence.
3. Changing Consumer Habits: The rise of e-commerce has changed the way consumers shop, and many brick-and-mortar retailers are struggling to keep up. TJX may be closing stores in response to changing consumer habits.
4. COVID-19 Pandemic: The COVID-19 pandemic has had a significant impact on the retail industry, and many retailers have been forced to close stores due to decreased foot traffic and reduced sales. TJX may be closing stores in response to the pandemic.

The closures will continue through early next year, and some stores have already closed. Affected employees have been offered positions at other stores.

TJ Maxx and Marshalls closing locations

TJX Store Closures and Future Plans:
TJX has closed one location in St. Paul, Minnesota, and has plans to close more stores in the coming months. The company is reassessing its real estate strategies, which may lead to additional store closures in the future.

Confirmed Store Closures in New York and Chicago:

New York Closures:

• Marshalls: 610 Exterior Street, Bronx, closing in early January.
• TJ Maxx: 503 Fulton Street, Brooklyn, closing in early January.

Chicago Closure:

• TJ Maxx: 1008 S. Canal Street, closing in early January.

Reason for Closures:

• TJX Companies cited “economic” reasons for the New York closure and mentioned that they are “assessing and reviewing our real estate strategies, and our decision to close this store reflects that thinking.”

Employee Support:

• Affected employees have been offered positions at other stores.

Remaining Open Stores in New York and Chicago Areas:

Bronx:

• 2952 3rd Ave, Bronx, NY 10455.
• 845 White Plains Road, Bronx (Bruckner), NY 10473.
• 1450 East Ave, Bronx, NY 10462.

Brooklyn:

• 1630 East 15th St, Brooklyn, NY 11229.
• 410 Gateway Drive, Brooklyn, NY 11239.

Chicago:

• 11 North State Street, Chicago, 60602.
• 2739 N Clark St, Chicago, 60614.
• 3262 West Belmont Ave, Chicago, 60618.
• 4932 South Kedzie Ave, Chicago, 60632.
• 6456 West Irving Park Rd, Chicago, 60634.
• 6165 N Lincoln Ave, Chicago, 60659.

Impact of closure of TJ Maxx and Marshalls stores on employees

Employee Well-being:

• The closure of stores may lead to job loss, which can negatively impact employee well-being.
• According to recent Gallup data, employees who work remotely or in hybrid roles experience more stress and anger than those who work onsite full-time.
• Employees affected by store closures may experience stress and anxiety, which can impact their mental health and well-being.

Employee’s Performance:

• The workplace environment plays a significant role in employee performance.
• A negative work environment can lead to lower morale and reduced motivation for engaging in productive discussions and collaborative projects that foster innovation.
• Store closures may decrease employee engagement, affecting overall productivity.
• Companies should take steps to improve the work environment and employee well-being to maintain employee performance.

Employee Reassignment:

• Affected employees have been offered positions at other stores.
• This positive step can help mitigate the impact of store closures on employees.
• However, it may lead to changes in work location, which can be challenging for some employees.
• Companies should provide support during the transition period to ensure a smooth and successful reassignment process.

Future Plans for TJ Maxx and Marshalls after closing stores

TJX’s Long-Term Growth Plans:

• TJX, the parent company of TJ Maxx and Marshalls, is pursuing global growth by opening new stores and expanding its store base.
• The company aims to add approximately 150 net new stores in the current year, bringing the year-end total to nearly 5,000 stores, a 3% increase.

Primary Long-Term Growth Strategies:

Expanding Store Base:

• TJX plans to continue growing as a leading global, off-price, value retailer of apparel and home fashions for the long term.
• The company currently operates stores in nine countries across three continents and has successfully expanded internationally.
• With over 4,800 stores as of January 28, 2023, TJX envisions the potential to expand its store base to 6,275 stores long term within its current chains and geographies.

Providing Value to Consumers:

• TJX is committed to delivering value to consumers and gaining market share globally over the long term.
• The company’s mission has always been to provide value, and it remains steadfast in this commitment.
• TJX believes its flexible, off-price model, combined with brand, fashion, price, and quality, will continue to be a successful retail formula.

Real Estate Strategies and Store Closures:

• Despite expansion plans, TJX is reassessing its real estate strategies, which may lead to more store closures in the future.
• The company continuously reviews its real estate strategies, and its decision to close stores reflects this ongoing evaluation.
• Store closures will continue through early next year, and some stores have already closed. Affected employees have been offered positions at other stores.

Recent Store Closures in the Retail Industry

Walmart:

• Walmart has closed about 40 stores since 2021 and will close an additional 20 stores this year.

Nordstrom:

• Nordstrom will shut down 15 locations in 2023.

CVS:

• CVS announced in 2021 that it will close 900 stores over a three-year period.

Toys R Us:

• Toys R Us closed all of its stores in 2018 after filing for bankruptcy.

Sports Authority:

• Sports Authority closed all of its stores in 2016 after filing for bankruptcy.

Blockbuster:

• Blockbuster closed all of its stores in 2013 due to the rise of streaming services.

Borders:

• Borders filed for bankruptcy in 2011 and closed all of its stores.

Payless:

• Payless filed for bankruptcy in 2019 and closed all of its stores.

Reasons for Store Closures:

• The reasons for these closures vary, but common factors include poor performance, changing consumer habits, and the rise of e-commerce.
• These closures are often part of a larger trend of store closures across the nation as retailers reassess their real estate strategies.

Conclusion

TJ Maxx and Marshalls are closing multiple US stores as part of their real estate strategy review, potentially leading to more closures. Employees affected by closures have been offered positions at other stores. This may impact employee well-being and performance, but measures can be taken to mitigate this impact. The retail industry has seen numerous store closures as companies reassess their strategies. To enhance employee performance, companies can offer a positive work environment, regular reviews, training, and competitive compensation. Focusing on environmental sustainability by reducing emissions, using renewable energy, and minimizing waste is also crucial.