Diversifying the TJX Brand

The company I have selected to write about for my project is TJX which was ranked number 75 on the list of the top fortune 500 companies. I have chosen to write on TJX because I am a frequent consumer of the brand. What I like about TJX that I believe puts them at an advantage point is the different companies that are under the parent company TJX. These companies consisting of T.J. Maxx, Marshall, Homegood, Homesense, and Sierra. I also like that each of these companies have specific categories in which they fall under such as fashion, home-décor, and outdoor gear.

Two products that I would launch if I was the CEO of TJX is a company specifically focusing on affordable name brand hair, beauty, and skincare products, as well as a store for pet supplies. The name of the beauty line would be called TJK beauty, and the pet supply store would be called TJX Pets.

As of right now, the TJX brand does sell hair, beauty, and skincare products at their T.J. Maxx and Marshalls locations. However, I think that if they created a beauty specific brand it would be very successful. As many people know hair, beauty, and skincare products can be very expensive at stores such as Ulta and Sephora.

I believe that if TJX diversified into the beauty space it would be a success for the company. There are not many beauty suppliers that sell all hair, beauty, and skincare products, which would result in little competition in the industry. The company’s direct competitors would be Ulta and Sephora. While TJX does sell beauty products in its T.J. Maxx and Marshall stores, it can be overwhelming to look for beauty products in these stores, as they sell clothing and home-décor as well. If TJX decides to open a store strictly for hair, beauty, and skincare products, that overwhelming sensation would be removed.

Like the TJX beauty department, T.J. Maxx and Marshall stores also sell products for pets. To own a pet is expensive as many people know, so to have a store that solely sell products for pets would also eliminate the overwhelming feeling of having to look for pet products amongst clothing and home-décor.

By TJX opening a pet supply store they would be greatly diversifying their companies brand and making it more available to all people. Overall, it would be a good idea for the TJX franchise to expand and make more revenue.

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