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TJX Set to Bow HomeGoods Sister Concept, Homesense

TJX is finally spilling details about its new home concept, which will debut in August.

The off-price company announced in February that it would open a new chain of home products stores designed to be a sister concept to the wildly popular HomeGoods. It is one of several large chains going after the homeowner crowd, including JC Penney, which has reintroduced appliances and Sears, which has launched standalone appliance stores.

“While we are proud to have grown our HomeGoods customer base for many years, we believe we remain significantly underpenetrated in total U.S. home market and enormous opportunity remains for us to grow market share in this space,” TJX CEO Ernie Herrman said at the time of the announcement. “Our customers are passionate about home goods and we are confident they will love our new home concept, too.”

[Read more about how off-price chains are expanding: Infographic: Off-Price Store Growth]

At the time, the new store didn’t have a name but eventually executives landed on Homesense, a nameplate it already uses in Canada and Europe.

While the new stores will carry the same name as their overseas counterparts, that’s where the similarities will end. And unlike HomeGoods, which stocks mainly accent furniture and décor in a value-oriented setting, Homesense stores will feature more large-scale furniture like beds, desks, sofas and pool tables. The stores will also offer lighting showcased in displays that make it easy for shoppers to envision them in their homes, gallery-style art areas, chair galleries and a general store, featuring organizational, cleaning and outdoor products.

“As the U.S. home market continues to grow, we are excited to bring consumers an expanded selection of quality merchandise at incredible prices, along with a new shopping experience in which they can discover and curate the home of their dreams,” said John Ricciuti, president of HomeGoods and Homesense in the U.S.

TJX has four Homesense stores planed for 2017. The first will open in Framingham, Mass. Homesense is one piece of the company’s plan to ramp up by almost 800 locations.

TJX operates more than 596 HomeGoods locations with an additional 64 openings planned in FY 2018. Comparable store sales for HomeGoods increased by 6% in FY 2017 to $4.4 billion.