Fashion retailer TK Maxx will open its first store on the Isle of Wight this autumn, creating around 50 new jobs in the process.
The new outlet will be located on Pyle Street in Newport and is part of rapid expansion plans in the UK, which has seen it open new stores in towns such as Wimbledon and Weymouth and major retail hubs like London’s West End in recent months.
Zoe Stroud, Group Marketing Manager at the Isle of Wight Chamber of Commerce, said that the decision to open a store on the island is good news for the economy and she encouraged other big UK retailers to follow suit.
“A retailer such as TK Maxx will be a great addition to the Isle of Wight shopping experience and the creation of 50 jobs is a welcome move,” she told Retail Gazette.
“The Isle of Wight has a good mix of local and national retailers, however many people leave the island to shop on the mainland.
“The opening of TK Maxx will give Isle of Wight residents another reason to shop here, which will have a positive effect on the local economy.”
Spokesperson for TK Maxx Helen Gunter said the retailer is “very excited” about bringing its fashion offering to the island, but the move comes at a time when sales at the company are down.
TJX Europe, which is made up of 307 TK Maxx stores and 24 HomeSense outlets across Europe, saw like-for-like trading drop six per cent year-on-year in the three months to January 29th 2011.
Sales across parent firm TJX Companies have remained buoyant though and increased four per cent year-on-year in 2010, driven by a strong performance from its US and Canadian store portfolio.