Off-price retailers TJX, Ross and Burlington plan to open nearly 300 U.S. stores combined this year. That’s roughly the same number of shops that Macy’s, Sears and J.C. Penney will collectively close.

While speaking at a recent investor conference in New York City, Macy’s CFO Karen Hoguet said off-price chains have proven a bigger long-term challenge to the company than the internet. Indeed, TJX’s U.S. revenue is expected to surpass Macy’s this year, according to Citi Research.

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