Discount Retailers TJX, Ross Stage A Comeback As Shoppers Crave ‘Treasure Hunting’ For Clothes Again
Any doubts about whether shoppers would return to discount retail stores to rummage through racks in the hunt for bargains were crushed this week when TJX Companies and Ross Stores reported their first-quarter earnings. Both companies sales’ surged past analyst estimates, as consumers started packing back into their stores to look for new outfits, shoes, luggage, and home goods as pandemic-induced lockdowns eased. TJX and Ross cited a pent-up demand from shoppers, many of which have been armed with extra stimulus dollars in recent months, but also a desire among many people to still look for good deals. The appeal for so-called treasure hunting in stores could be something that many consumers end up craving more than they did before the Covid health crisis. Read more at CNBC.
