Off-price retail has become an increasingly important part of the broader discount-store landscape as consumers seek recognizable brands without paying full-price retail. The TJX Companies, Inc. TJX and Burlington Stores, Inc. BURL are two major participants in this space, using flexible buying models and frequently refreshed assortments to attract bargain-focused shoppers across apparel, accessories, footwear, home products and other discretionary categories.

Although TJX and Burlington compete for a similar customer base, their business profiles are not identical. TJX operates at a much larger scale with multiple retail banners and exposure beyond the United States, while Burlington has concentrated on expanding its domestic footprint…