TK Maxx is officially coming downunder. The U.S. retailer will roll out a slew of standalone stores across Australia, replacing the current Trade Secret shops in operation, which TJX, the parent company of TK Maxx, bought in October 2015 for AU$80 million (US$60.59 million).
TJX has continued to operate the stores under the Trade Secret mantle for almost 18 months, but will refit 35 Trade Secret stores and relaunch them as TK Maxx from April. Brand new stores are also planned to open later in the year along the east coast of Australia.
The retailer’s entry is set to sting local department store majors Myer and David Jones, as well as local apparel and lifestyle chains, with some still licking their wounds after fast-fashion giants H&M and Zara continue to dominate the Australian retail landscape.
Last month, four local fashion retailers — David Lawrence, Marcs, Rhodes & Beckett and Herringbone — went in to voluntary administration resulting in several store closures. All are still in search of a rescue buyer.
Meanwhile, discount store Payless Shoes fell victim to bankruptcy in December 2016, and failed to attract an investor, leading to the closure of all Payless Shoes Australia stores earlier in the year.
TJX owns 3800 retail stores worldwide, including 500 TK Maxx stores, as brands TJ Maxx, Marshalls and HomeGoods. The company operates stores in the UK, Ireland, Germany, Poland, Austria and the Netherlands.
TJX’z global sales hit $US33.1 billion in the last financial year.