We view TJX’s strategy as structurally advantaged, anchored in scaling off-price buying to deliver branded apparel and home fashions at prices generally 20%-60% below full-price retailers. The firm leverages a global vendor network, rapid inventory turnover, and a low-fixture store model to create a treasure-hunt experience that drives traffic across middle- to upper-income cohorts and economic cycles. In fiscal 2026, TJX generated over $60 billion of sales and operated over 5,000 stores across Marmaxx (TJ Maxx, Marshalls, Sierra), HomeGoods, TJX Canada, and TJX International. We see Marmaxx as the core engine underpinning TJX’s competitive advantage and estimate it captures roughly half of US off-price sales, supported by unmatched buying scale and density.