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Announcement:

Moody's: Growth of off-price retailers like T.J. Maxx, Marshall's, Ross Stores and Burlington's double that of broader US retail sector

18 Sep 2014

New York, September 18, 2014 -- The three largest off-price retailers (TJX , Ross Stores and Burlington) will see above-average growth, in the 6%-8% range, over the next five years, compared with 4% growth for the broader retail industry, Moody's Investors Service says in a new report. The leaders in the space have thousands of vendor relationships and significant scale, so supply constraints aren't likely to hinder their growth.

"Off-price retailers have become too big to ignore for most large vendors, including high-end brands that don't want to be associated with bargains," says Vice President -- Senior Credit Officer, Scott Tuhy. "Their willingness to address high-end stores' brand concerns has led to deeper and broader relationships, while at the same time the quality of their merchandise has improved."

The off-price apparel and home sector will continue to outperform other areas of the retail industry, including through economic cycles, as it builds a loyal customer base, Tuhy says in the report, "Off-Price Apparel and Home Retailers to Remain One of Leading Retail Groups."

TJX , Ross Stores and Burlington will continue to lead the way. Their significant scale will help them expand their market share. These companies have the advantage of an established, flexible business model and adaptable real estate strategies, in addition to strong vendor relationships. And fast-moving inventory limits their exposure to fashion risk as styles change.

These stores picked up new customers during the financial crisis and have been able to hold on to them as the economy improves. "Whether it's a middle- or upper-income consumer finding fashion at lower prices or a lower income household trying to stretch their dollars, we think consumers that shift to off-retailers become increasingly loyal," Tuhy says.

Moody's research subscribers can access this report at

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_175501

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This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Scott Tuhy
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Janice Ann Hofferber
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
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JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's: Growth of off-price retailers like T.J. Maxx, Marshall's, Ross Stores and Burlington's double that of broader US retail sector
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