President, TK Maxx Europe
Another tough year for branded suppliers has played right into the hands of Paul Sweetenham, one of the most obsessive and hard-working of retailers in the fashion sector.
Like-for-like sales at discount chain TK Maxx have consistently been in positive territory this year and total sales will be well up for the full year. However, Sweetenham has come up against more competition over the past 12 months with the launch of a swathe of discount etailers.
The trial TK Maxx UK website set up earlier this year still only stocks handbags, but TK Maxx remains the most discreet place to clear overstocks and protect brand image for suppliers, while shoppers get instant gratification from its stores rather than a three-week delivery wait from online rivals. Its massive European expansion plans will only lift its buying power.