Department Stores’ Biggest Threat Isn’t Amazon—It’s TJX

Amazon may be the easy scapegoat for many brick-and-mortar retailers losing customer traffic and shutting stores, but what department stores and a growing number of other retailers need to worry about is right in their own neighborhood: T.J. Maxx and Marshalls parent TJX. As retailers from Macy’s to Bed Bath & Beyond attempt to reverse declining sales, off-price retailer TJX, which said it sells branded products as much as 60% below full-priced retailers, on Wednesday reported better-than-expected holiday fourth-quarter profit and sales. Comparable sales in the quarter that ended February 1 rose 6%, leading to the company’s 24th straight annual increase in those sales. TJX’s worldwide sales for the year rose 7% to $41.7 billion, exceeding the $40 billion threshold for the first time. In comparison, Macy’s this week reported its full-year sales fell to $24.6 billion. Read more at Forbes.