The decisions that made it
The Moat Anatomy · Moat & Competition
TJX's Moat Isn't the Treasure Hunt. It's Being the Only Buyer Big Enough to Take the Whole Pile.
Everyone thinks TJX is protected by cheap prices and the thrill of the hunt. The real moat is upstream: 1,400 buyers across 100+ countries make TJX the only retailer that can absorb a brand's worst overstock - which is why it gets the first call.
7 min
The Counterfactual · Decision Forks
TJX Has 5,000 Stores and Almost No Website. It Isn't Brave - It's Trapped by Its Own Genius.
TJX runs over 5,000 stores and six websites that together move less than 2% of $56.4B in sales. The story is that management bravely resists the internet. The truth is the off-price model can't be put online without breaking the thing that makes it work.
7 min