TJX Surpasses Weak Retail Trends

The parent company of T.J. Maxx, Marshalls and HomeGoods reported increased traffic, high sales and profit last week. TJX reported $518 million in profit for the quarter that ended Aug. 2 and an increase in net sales of 7 percent to $6.9 billion. This report was up from $480 million profit last year. TJX's performance outpaced Wall Street’s expectations, leading the company to raise profit forecasts for the full year. According FactSet, TJX’s shares increased by 8.6 percent. This increase added $3.26 billion in market capitalization.

Although TJX surpassed projections, the past quarter was not as successful for other retailers. Macy’s and Wal-Mart have cut back their financial forecasts expecting sluggish traffic and heavy discounting. The heavy discounting is a benefit for TJX who buys some of its goods through closeouts to sell at discounted prices. The past winter created an opportunity for TJX when retailers were left with an excess of goods they couldn’t sell. Along with this buying opportunity, TJX has succeeded in improving customer traffic and puling in shoppers.


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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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