TK Maxx overtakes Topshop as sixth biggest UK fashion retailer
The retailers business model of snapping up other retailers’ extra stock has allowed it to take the sixth slot in British fashion market, according to The Guardian.
The cut-price US-owned retail group sells an eclectic mix from a Gucci handbag at £1,000 and discount underwear at £2.99 - offering consumers from all background an opportunity to make purchases.
Deborah Dolce, Director of TJX’s, European division, told The Guardian that the firm’s buying approach means it can take advantage of the large amount of excess inventory currently in the market due to the COVID-19 crisis.
“We are confident the mix in the second half is going to be very exciting because we buy in an agile way, we can respond to the stock in the market.”
Its strategy also allowed it to cope with the lower demand during lockdown as it buys “little and often”.
TK Maxx also takes the unique approach of having no stockrooms, as every product goes straight out on to the shop floor
Last weekend Topshop's parent group Arcadia performed a U-turn and agreed to pay full salaries for head office staff facing redundancy, offering an unreserved apology to those affected.