From celebrity fans to thousands of brands, here's what the discount furniture and home decor retailer is doing right
Decor obsessives rejoice: TJX Cos., the company behind HomeGoods, T.J. Maxx and Marshalls, is launching a new chain of stores — meaning, yes, there will be yet another source to feed your sassy coffee mug and throw pillow addiction.
The company’s president and CEO Ernie Herrman announced the news last week, revealing that the new, still-unnamed line of retail locations will be in the same vein as HomeGoods, which will also open an additional 80 locations in 2017.
So why is the discount furniture and decor store such a hit? Easy: HomeGoods has perfected the art of making shopping for home stuff easy and fun, and in an age when you can order nearly anything online, the e-commerce-free brand has brought back the thrill of the hunt.
Here’s a breakdown of why people continue to flock to the chainaccording to retail experts and HomeGoods enthusiasts — and why they’ll likely turn up in droves to support TJX Cos.’s next big chain.
Superfans and Bloggers Inspire Insta-envy with their Finds
Bloggers with an eye for style and design are carving out a niche on social media and captivating a huge audience with their perfectly manicured photos featuring pieces from HomeGoods. But Instagram has also given regular shoppers a place to share their finds with like-minded bargain hunters using hashtags (#homegoodshappy, #makehomeyours) and fan-run accounts.
Kris Jarrett of blog Drive By Decor even penned a guide to finding the best pieces during shopping adventures at the store (hint: avoid weekends).
And way back in 2010, celebrity designer and TV personality Courtney Cachet wrote on Huffington Post,”For those of you who are unfamiliar with HomeGoods, I will sum it up for you in one sentence: Really good stuff for your home at really, really good prices. Toss in the old thrill-of-the-hunt shopping thing in most of us and it’s a perfect recipe for utter retail bliss.”
HomeGoods Has a Leg Up on Department Stores
Traditional furniture and home retailers can’t keep up with HomeGoods’ quick turnaround and low prices.
According to CNBC, a recent study by Kantar Retail found that female household shoppers turn to HomeGoods before heading to department stores like J.C. Penney or Macy’s.
“It’s not department stores that should be worried,” Shawn Harris of Zebra Technologies told Forbes. “It is full-priced traditional furniture stores who should keep their eyes wide open.”
They Sell Products from Thousands of Brands
There’s a reason you may not see the same item twice at different HomeGoods locations: the company has thousands of vendors.
Former TJX CEO Carol Meyrowitz revealed in a 2014 Harvard Business Review article that the company sources for its stores from more than 16,000 vendors across the world.
“We don’t want to be deep in any one product, and we don’t try to carry every size or every style of an item,” she explained of what makes each HomeGoods find all the more exclusive.
A Fortune profile of the company from the same year revealed TJX Cos. “door to floor” tactic, meaning that products are put out for sale almost immediately after they arrive. The turnaround rate is also quick: if a product isn’t out of the store in seven weeks, it gets marked down.
There’s an App for That – and a Blog, and an Inspiration Site
HomeGoods has made it easy for even novice shoppers to create an enviable home – and, in turn, produced a less-stressful way to tackle their overstocked shelves.
Users select five images from a gallery that appeal to them most, and then are matched with a StyleScope personality, ranging from “Urban Funk” to “Farmhouse Glam” and “Socialite.”
Each type has a page filled with designer tips on how to emulate the vibe, as well as a guide to shopping the store for similar products. There are also links to Pinterest inspiration boards, and other home and lifestyle blogs that match the aesthetic.
Though HomeGoods doesn’t have an e-commerce site to shop its goods online, it does have a popular blog, with posts ranging from Shopping for a Blue Master Bedroom Makeover to The Art of Styling Shelves.
You can also explore “Customer Finds,” which allows shoppers to upload photos of their styled purchases, with details about what retail location it was purchased from and the price.