TJX UK posted sales of 1.9 billion pounds ($2.3 billion) last year—its strongest growth since fiscal 2012, thanks to a 4.6% increase in like-for-like sales at its T.K. Maxx apparel and homeware stores, which now number more than 300 across the country.
Last year’s growth proves the off-price concept appeals to Britons’ spending habits, prompting TJX Europe, the European subsidiary of the The TJX Companies, to plan more store openings in the current fiscal.
According to Inside Retail Asia, the company expects to end the 2016 financial year with 24 new stores in the U.K., including both T.K. Maxx and HomeSense (the European version of HomeGoods) locations. That means just under half of its intended European openings this year will be in the U.K.
Back in February, TJX revealed that it planned to increase its store count in Europe by 55, specifically 49 T.K. Maxx and six HomeSense stores, bringing its total base there to 495.
The first T.K. Maxx store opened in Bristol in the southwest of England in 1994, expanding to Ireland in 1997, Germany in 2007, Poland in 2009 and Austria and the Netherlands in 2015. Almost two-thirds of its European stores are located in the U.K.