The TJX Companies, Inc., (TJX - Get Report) operator of discount retailers T.J. Maxx and Marshall's, may survive and even thrive as the Internet-shopping boom decimates its premium retail rivals.

"I think that TJX right here, at $68.96, works," TheStreet's founder Jim Cramer said during a webcast with Action Alerts PLUS members Wednesday. "Everybody knows the big department stores can't compete with Amazon's (AMZN - Get Report) prices, ease of use, mobile access, but that is exactly why we love TJX."

Cramer said that what hurts companies such as Macy's Inc. (M - Get Report) and J.C. Penney (JCP - Get Report) actually helps TJX, whose discounts Cramer said could encourage shoppers to visit bricks-and-mortar retailers despite the inconvenience.

"Remember, TJX is one of the only stores out there driving positive traffic," he said.

While many retailers have been closing up their stores in recent years, TJX CEO Ernie Herrman has been notably more bullish, telling investors that the company could open hundreds of new locations.

The Framingham, Mass.-based company opened 198 stores last year, delivering earnings-per-share growth of 3.9% year-over-year, according to FactSet data. In comparison, rival Kohl's Corp.  (KSS - Get Report) saw a decline in earnings-per-share of almost 10% last year, and Target Corp.  (TGT - Get Report) saw a decline of 11.5%.

Despite outperforming the S&P 500 over the past five years, the company has been trading down recently, sliding 10.26% over the past three months.

But Cramer said the stock "is a bargain for those willing to give TJX the time to prove the success of their business model."

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