Discount fashion retailer TK Maxx is cashing in on the growth of its homewares offer with the opening of its first dedicated home store.
Branded TK Maxx Home, the 10,000 sq ft (930 sq m) annex, located next to its Meadowbank store in Edinburgh, opened yesterday.
'We have experienced tremendous success with our home offer,' said marketing director Deborah Dolce. Another home store will open in York by the end of the year and more could follow, either as standalones or adjacent stores, she said.
The Meadowbank store stocks 30,000 units of branded home products that are up to 60 per cent cheaper than recommended retail prices. It has a separate entrance, but is linked by two shared internal archways to the existing TK Maxx store, which trades from 16,500 sq ft (1,353 sq m).
The news comes as TK Maxx gave a fuller breakdown of its financial results for the year than the figures reported in Retail Week last week. Including the Irish subsidiary, as well as its store cards and property businesses, pre-tax profits rose by 13 per cent to£24 million. Sales came to£596.5 million.
Dolce said the 154-strong chain plans to have up to 300 stores and is hunting for sites on retail parks, high streets and malls. It also rolling out a new format, designed by TK Maxx's internal creative agency. The design, which was piloted at Bletchley, Buckinghamshire, includes larger windows, plus new fixtures, graphics and colour schemes. Thirty stores will be refurbished this year.
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