Placer: TJX Could Be Major Beneficiary Of Stein Mart’s Departure

Although it has faced recent challenges with coronavirus-related store closures, TJX could benefit from the market departure of a COVID-19 casualty, according to Placer.ai.

TJX, which owns both T.J. Maxx and Marshalls, as well as HomeGoods and Homesense, could benefit the most from the liquidation of Stein Mart, the traffic tracker noted. About 53% of Stein Mart customers also shop T.J. Maxx locations and 44% shop Marshalls stores. Kohl’s and Macy’s also could welcome some additional visitors as 49.4% and 42.8%, respectively, of Stein Mart customers shop those retail banners.

According to Placer, the demise of multiple retail banners changes the long-term potential of multiple key players in the market where shopping overlap is commonplace. Even Macy’s can gain from Stein Mart’s closure. With retailers from Neiman Marcus to J.C. Penney all in different bankruptcy states, the retail sector certainly will be changing and, if some of the difficulties companies experienced began well before the pandemic, COVID-19’s influence on the marketplace will be fundamental and perhaps more profound than anyone initially bargained for.