The Moat Anatomy · Moat & Competition
TJ Maxx's Moat Isn't the Treasure Hunt. It's That You Can't Ship One.
While department stores died chasing Amazon, TJX grew to $56.4 billion in FY2025 sales with e-commerce stuck around 1-2%. The reason isn't stubbornness. The chaos that makes the store fun is the same chaos that makes a website impossible to run.
8 min