Dive Brief:

• Carol Meyrowitz, CEO of T.J. Maxx and Marshalls parent company TJX Cos., will step down on Jan. 31, the company said on Wednesday.

• Ernie Herrman, who was named president of the company in 2011, will take her place upon her retirement as expected, the company said.

• Meyrowitz has worked at TJX since 1983 and has been CEO for the past nine years. She’ll serve as executive chairman for at least three years after she steps down.

Dive Insight:

TJX CEO Carol Meyrowitz is an industry veteran from a retail family that has been with the company for some 30 years. She notoriously keeps information about the retailer’s approach and plans close to the vest. 

What is well known, however, is that TJX Cos. has muscled through the down economy, capturing the attention and dollars of people in need of a bargain. 

Meyrowitz seems to have instituted a savvy approach to its relationship with vendors, according to one of the few in-depth reports on the company by Fortune magazine's Beth Kowitt. While the retailer plays hardball when it comes to buying from vendors, for example, it avoids some of the cutthroat practices that have emerged at other companies. Its buyers are among the savviest in the business, the magazine found, staying on top of trends and moving inventory quickly.

T.J. Maxx seems to have a fast-fashion-esque approach to moving merchandise. “Former employees say that the stuff moves so rapidly that merchandise is often sold before TJX has paid its vendors for it,” writes Kowitt.

And the company is apparently willing to give some vendors a sort of plausible deniability, according to USA Today. That is, several upscale brands like Coach, Michael Kors, Ralph Lauren, and Nanette Lepore — all brands found at T.J. Maxx — won’t speak about whether they sell to T.J. Maxx. 

"We're absolutely fine with every vendor saying they don't do business with us," Meyrowitz told USA Today in a rare interview. "It's a very important part of our relationship.” 

The result has been an enviable level of success in a tough retail environment. Last year, Moody’s Investors Service released a report noting stellar performance by off-price retailers T.J. Maxx, Ross, and Burlington, and predicted steady growth of 6% to 8% for them in the next five years — quite above the 4% predicted for the rest of retail. 

"The majority of the customers who try us, whether recession or not a recession, do come back," said Meyrowitz. "It's almost the 'aha.' They think, 'Why would I buy at this price when I can buy at a lot less?'"