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TJX Companies (NYSE: TJX) flagship off-price banner; parent reported $56.4B revenue FY2025 (+4%); 5,085 stores globally; treasure hunt retail model with constantly rotating merchandise mix and 131 new locations added in FY2025.
TJ Maxx is the flagship retail banner of TJX Companies, America's largest off-price retailer, founded in 1976 and headquartered in Framingham, Massachusetts. The brand was built on the "treasure hunt" retail model: buying excess inventory, overruns, and closeouts from manufacturers and department stores at steep discounts, then passing those savings to shoppers in a constantly rotating merchandise mix. This opportunistic buying strategy — executed by one of retail's largest buying organizations — is the core competitive technology that competitors cannot easily replicate.\n\nTJ Maxx stores carry apparel, accessories, footwear, home goods, beauty, and giftware across thousands of locations in the US, with TJX's broader portfolio also including Marshalls, HomeGoods, HomeSense, and Sierra. The physical store experience — browsing through unpredictable inventory to find brand-name items at 20–60% below department store prices — creates the addictive treasure hunt dynamic that drives frequent repeat visits. This model has proven highly durable against e-commerce disruption, as the discovery experience does not translate well to online retail.\n\nTJX Companies generated $56.4B in revenue in FY2025, a 4% increase, operating over 5,085 stores globally with 131 net new locations added. The company's off-price model has thrived as value-conscious consumers trade down from department stores and as retail inventory gluts create buying opportunities. TJ Maxx remains the dominant brand within TJX's portfolio and a bellwether of the off-price retail sector's resilience across economic cycles.
Mondelez International (MDLZ) reported $36.0B in FY2023 revenue. World's #2 confectionery company. ~91,000 employees. HQ: Chicago, IL. Brands: Oreo, Cadbury, Milka, Toblerone, Ritz.
Mondelēz International, Inc. is the world's second-largest confectionery company by revenue and a leading global snacks manufacturer, headquartered in Chicago, Illinois. The company was spun off from Kraft Foods in 2012 to focus on its higher-growth international snacking portfolio. Mondelēz reported net revenues of approximately $36.0B in FY2023 (fiscal year ending December 2023), with approximately 91,000 employees operating in 80+ countries.
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