TK Maxx eyes further London expansion
The retailer currently has 58 shops in the city but it is looking to increase its presence both in and out of central London
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TK Maxx is reportedly looking to expand its presence in London, the Evening Standard has reported.
As the capital continues to bounce back from Covid restrictions and with the recent ONS analysis regarding a boost in footfall levels, TK Maxx is reportedly among the companies keen to open more shops in 2023.
Currently, the clothing and homeware retailer has 58 shops around the city but it is planning to open more smaller-format branches.
The Evening Standard reported that TK Maxx is looking to increase its presence both in central London, such as Holborn and Notting Hill, and on the outskirts, such as Archway, Barnet, Elephant & Castle and Upminster.
The only requirements the retail chain is asking for are for 10,000 to 30,000 square feet of space.
Last month, TJX Companies, the parent company of TK Maxx, announced a 5% increase in net sales to $14.5bn (£12bn), for the 13 weeks ended 28 January.
The company’s Q4 net sales in Europe and Australia rose 1% to $1.81bn (£1.5) compared with $1.80bn (1.49bn). This is an 11% increase on a constant currency basis.
For the 12 months ended 28 January, sales in Europe and Australia rose 8% to $6.2bn (£5.2bn) compared with $5.7bn (£4.7bn) from last year.
