Fortune 500 company TJX, the parent company of the TJ Maxx discount chain, is planning to open a distribution center in Memphis.
Economic development officials say the company was drawn to Memphis because of the city's strength as a distribution hub. TJX is planning on making a nearly $7 million capital investment and will initially hire 40.
In return TJX is looking for some tax breaks from Memphis and Shelby County.
TJX owns TJ Maxx, Marshalls and HomeGoods stores, are planning to move into a warehouse off Holmes Road in South Memphis. The Fortune 500 company is looking to expand fast. In the next three years the company will have 100 fulltime positions.
In return for the investment TJX is looking for more than $1 million in tax incentives, which will come in the form of a pilot or a payment in lieu of taxes. The EDGE Board will consider the request.
"We think it's a good deal for the company," said Reid Dulberger, EDGE CEO. "It helps bring them here, gets their foot in the door, establish a beachhead here in Memphis and Shelby County. We anticipate rapid growth beyond."
The company will start with more than 200,000-square feet of space and expand to more then 400,000-square feet after the first 18 months.
Economic development officials say the tax incentives are a good investment for the community. EDGE analysts say the region will gain $1.23 for $1 of tax incentives.
TJX will be hiring warehouse and distribution workers. The average salary for the new jobs is about $27,000 annually.
The EDGE Board will vote on the deal in the coming week.