TJ Maxx’s stores have been popular in the pandemic with shoppers looking to score bargains on designer brands — but it’s been raising prices on some of those upscale products.
“Our strategy to surgically raise retail [prices] on select items is well underway, and we believe it is working very effectively,” Ernie Herrman, CEO of TJX ( TJX) companies, parent of TJ Maxx, Marshalls and HomeGoods discount chains, said during an earnings call with analysts Wednesday. The price increases on luxe goods are due to a triple whammy of pandemic-related factors. First, there’s less product on the shelves thanks to the global supply chain crisis, with new merchandise long delayed getting into US ports.
