TJX, the parent company of TJ Maxx and related brands, focuses on offering shoppers a 'wow' factor through unexpected bargains, positioning itself uniquely compared to other retailers. CEO Ernie Herrman emphasizes customer perceptions of value, aiming to create a sense of disbelief over low prices. This strategy has led to increased foot traffic and longer shopping durations, even amid broader declines in retail sectors. Customers enjoy a treasure-hunt experience, which keeps them exploring the dynamic in-store offerings and results in reported growth in sales and visits.
"We want a customer to actually say, 'That almost feels too cheap,'... One out of every 10 hangers...‘Boy, that almost feels too inexpensive.’"
"A significant part of this success may stem from the segment's inherent 'treasure-hunt' experience - off-price shopping cultivates a browsing mentality, encouraging visitors to linger and explore the constantly changing inventory."
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