US giant TJ Maxx readies for big launch

US retail giant TJX Companies is bringing its TK Maxx brand department stores to Australia with 35 stores slated to open in April.

TJX currently operates the TJ Maxx brand in the United States and TK Maxx in Europe.

The US giant has acquired Trade Secret locally and will convert the 35 stores to TK Maxx.

TJX is the latest US retailer entering Australia, with Amazon currently scouting for locations and distribution centres.

The entry of US retailers has been welcomed by consumers but at least one retailer is against it.

Yesterday Harvey Norman founder and billionaire Gerry Harvey called on the federal government to block Amazon from entering Australia because it would send local businesses broke.

In an interview with the Seven Network, Harvey labelled Amazon a tax evader.

“They’re the world’s greatest tax evader.

“They’re the world’s greatest ‘I’ll send everyone broke, so that I can be a big shot’.

“They have got a reputation that is absolutely terrible!” Harvey said.

Recently Location IQ director, Greg Malempre said Amazon would shake up the local retail scene.

Speaking at the Australian Property Institute’s Sydney Property Market Outlook event last week, Malempre said currently Amazon is estimated to sell between $500 million to $750 million of goods into Australia via their websites.

To put into perspective of the opportunity that Australia presents for Amazon, Malempre said at the moment, online retail sales in Australia currently tally around $22 billion online, of which 20% or $4 billion is to overseas retailers and 80% of the trade is to domestic retailers.

“Of that $4 billion, Amazon accounts for $500-$750 million.

“It is predicted by Citigroup, that the forecast for Amazon if they came to Australia – could do sales of $4 billion within five years,” Malempre said. “So that is four Westfield Bondi Junctions,”

Australian Property Journal