By CWEB Staff
Who doesn’t love the thrill of finding treasures at TJ Maxx and Marshalls?
The TJX Companies, Inc. (TJX)NYSE -Chief Executive Officer Ernie Herrman will expand Marshalls current limited website into an e-commerce storefront where shoppers can by buy discount clothes and home goods.
Marshalls and TJ Maxx brands grew sales by 7% compared to 3% in 2018 proving discount retailers are thriving well.
Many off- price retailers are bringing in positive results, despite the fact that older legacy stores are now coming of age and left to close stores Charlotte Russe, Payless, Gymboree, Sears Holdings Corporation (SHLDQ) OTC – and Kmart have fallen into bankruptcy, or have closed a significant number of their brick and mortar locations.
Sears is getting a new look with a stronger online presence offering competitive pricing in every online shopping category from jewelry to electronics. The physical stores will get smaller and increase floor space for its brands such as Diehard, Kenmore, and Craftsman. Sears has taken the number four spot in the home improvement category against Loews Corporation (L)-NYSE, which is number one. The Home Depot, Inc. (HD)-NYSE number is number two, and Best Buy Co., Inc. (BBY)-NYSE – is number three. Sears will rebrand with a new name and a new CEO.
Most of TJ Maxx sales come from walking into the store. With companies trying to compete with Walmart Inc. (WMT)NYSE – and Amazon.com, Inc. (AMZN)Nasdaq-, an online presence make sense for any retailer. Online retailers can capture customers that are not closely located near physical stores. Brick and mortar stores are using their physical locations where purchases can be returned directly at the store from an online purchase, or ordered online for in-store pickup. Once a customer makes a return at the store, they’re most likely to rebuy another item within the store.
With competition heating up in the retail space, stores have to make the right strategic moves in order to compete for customers business. While shopping is about price, it’s also about the customer experience. Stores like Nordstrom’s have been successful through the years because of their excellent customer service, and their extraordinary flexible return policy.
Costco (Costco Wholesale Corporation NASDAQ: COST)- has won the top spot over Amazon for online customer satisfaction in a report recently released by the American Customer Satisfaction Index (ACSI) Retail and Consumer Shipping Report 2018-2019.
How do these retailers maintain customer satisfaction? It starts with training the employees. Companies must make their front- facing employees embrace the customer with a smile and fantastic customer service, aside from selling high- quality merchandise. The shopping experience doesn’t end at the store locations. The online experience is just as important. Successful retailers have to offer a seamless, easy experience from check out, to delivery and returns.
Just announced today, Target Corporation (TGT)-NYSE – will introduce third party sellers to its platform, just like Amazon and Walmart do. The new program will be called Target+. Target will start inviting third party sellers in the toys, electronics, and sporting goods. As Target learns more about the buyer’s needs, they will continue selecting third parties in different categories. Third party items will be labeled as Target +products, but shipped from the third party vendors.
Large malls are changing the landscape as destinations for entertainment, apartment living, and office retail space all combined into one location. Retail is changing and America is embracing it.