TJX Companies is taking note of what consumers are shopping for at closing Bed Bath & Beyond stores, as it looks to lure customers for its HomeGoods chain

• Off-price giant TJX says it's being strategic in how it targets ex-Bed Bath & Beyond shoppers.
• It is looking at what categories were successful at nearby – and closing – Bed Bath & Beyond stores.

The company behind TJ Maxx and HomeGoods says it's being targeted in its approach to how it attracts customers from recently closed – or closing – Bed Bath & Beyond stores.

The off-price giant has been called out frequently by analysts as being one of the key beneficiaries of Bed Bath & Beyond's recent demise. The home goods retailer filed for bankruptcy in April and plans to close all of its remaining stores by June 30.

In a call with investors on Wednesday, after reporting its first-quarter fiscal 2024 results, TJX Companies group CEO Ernie Herrman said the business is being very strategic in how it approaches this new opportunity.

Herrman said it is "re-ranking" its assortment only at its HomeGoods stores that are located near to any closing Bed Bath & Beyond locations, rather than making broad changes across all of its network. HomeGoods is its off-price homeware chain.

"We don't just go in and say: 'Oh, we should do more of this category of business because that's what Bed Bath & Beyond did,'" Herrman told investors, adding: "We did it by location and by the category of businesses that we think they stood for."

In doing so, they are then able to identify which categories HomeGoods should look to grow in and take market share.

It's not just TJ Maxx and HomeGoods that are teeing up for a Bed Bath & Beyond-related windfall, however.

Amazon, Walmart, and Target are also in line to capitalize from these closures and have been slowly chipping away at Bed Bath & Beyond's market share for many years.