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* How can TJX top the ultimate -- and already complete -- merger of T.J. Maxx and Marshalls? Although TJX will focus on consolidating its gains over the next year, its high cash supply and low debt ratio could create urgency for further acquisitions, lest it become a target itself. The format of Ross Stores has the most in common with the dominant off-pricer. Some observers point to the lower price point segment of the industry as an area where TJX can build new market share without cannibalizing its current chains.

* Ross Stores earned record profits by driving comp store sales up 13% and clamping down on in-store inventories. Ross enhanced its ability to capitalize on spikes in sell-through by expanding packaway inventories by 26%. Strongest in Western states, the chain continues to add about 20 stores per year.

* The Men's Wearhouse continued to grow through a two-pronged strategy: superior service and acquisition. The company is testing an outlet superstore format in its Value Priced Clothing II division, established for the acquisition of C & R Clothiers and other smaller chains.

* Goody's Family Clothing, gaining on the $1 billion sales mark, opened its 200th store and ventured into larger markets with clusters of new stores in fast-growing suburbs of Atlanta and Charlotte, N.C. The chain has grown by offering a quick-and-easy casual apparel shopping alternative to mid-tier giants JCPenney and Sears. While this has it running smack into Kohl's in a few markets, the latter's May 1997 loss of its women's and men's gmms to Montgomery Ward could raise concerns over its continued rapid expansion.

* Loehmann's will test men's apparel in several locations during the fourth quarter of 1997. John Mains, a former Macy's vp, was named vp merchandising in May 1997. He will launch the men's apparel business and expand the gift and infant/toddler categories. The chain has opened larger stores, including a landmark location in part of the failing upscale icon Barney's on Manhattan's Seventh Avenue.

* One Price Clothing's average per-store sales were up 10% in the first quarter of 1997; net profits improved by 16%. The chain gained by virtue of trimming its store count and increasing the price points to encompass a better fashion assortment. In March 1997, the chain named former Casual Male Big & Tall president, ceo Larry Kelley its own president, ceo. Kelley will test larger store formats as well as expanded offerings of plus sizes and children's apparel.

* Bob's Stores, the struggling final vestige of Melville (now CVS) Corp.'s once-diverse retail portfolio, expects a shot in the arm from the March 1997 appointment of former Caldor president, coo Marc Balmuth as president, ceo.

* The dye will be cast for Clothestime's future with the bankruptcy court's ruling on the battle for control. Current management, former ceo John Ortega and Museum Clothing Co. are the three bidders vying for the approval of Clothes-time's and creditors.

Outlook

Off-pricers should have a fair-to-good year as stocks of apparel are abundant. The solid gains by better department stores have set the stage for a good off-price climate in the coming year, consumer aspirations are inching up, while the demand for value has grown.

But this segment has become split into big gainers and big losers. Five of the top gaining chains have seen a 20% growth in sales, while half of the rest flirt with bankruptcy or liquidation. Overall, segment sales grew 6% while store count shrank 5%; this portends more weeding out of lackluster formats.