Property Profile: Home Depot
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The home improvement supply store space is a crowded one. Brands come, and brands certainly go, but one brand has managed to last quite a while: the Home Depot.
The bright orange color is a dead giveaway that you’re about to step into a tool and building materials wonderland. Don’t worry; that’s by design, and every Home Depot is carefully cultivated.
This means that the Home Depot in Simpsonville, SC is nearly identical to the experience you’d get at the Home Depot in Portland, OR.
But what makes Home Depot such a powerhouse where other brands fall to the wayside? How do they keep up with competitors like Menard’s, Lowe’s, and Ace Hardware? It’s time to examine Home Depot a little further.
The History of Home Depot
The Home Depot got its start in 1978 by Bernie Marcus and Arthur Blank. Today, the Home Depot is considered one of North America’s largest chains of home improvement stores, with over 2,300 stores.
It is larger than Menard’s and Lowe’s, a fact that it continues to expand by opening more stores.
The size of the average Home Depot store is also important. At the beginning, the stores were enormous at 60,000 sq ft each, but today the average store is around 100,000 sq ft.
A Variety of Product Offerings
The focus on variety is immense and has paid off in terms of Home Depot becoming a market leader in the eyes of the public.
Not only does Home Depot offer home improvement products and tools, they also offer installation services that span across a wide range of “done-for-you” projects.
Home Depot’s Attraction Marketing Lifts All (Retail) Boats
It’s important to note that Home Depot’s intense marketing and advertising campaigns don’t just benefit the company itself. All players in the local retail space stand to benefit from Home Depot’s marketing and advertising blitzes.
The American shopper, after all, is a creature of habit. They will go out of their homes and pick up not only what they need, but also what they want.
For those in the retail space, Home Depot becomes not just an anchor client in a retail zone, but an attraction for other businesses. Consumers will come for Home Depot, and stay for other retail opportunities.
For those looking to resell retail space in the future, having Home Depot in the vicinity is only going to lead to more interest, not less.
Leading New Paths of Inclusion
Home Depot is focusing on inclusion, highlighting women, veterans, and minorities.
Supporting initiatives like Girls Who Code and other local and national non-profit groups helps cement Home Depot’s position not only as a market leader, but a company that truly cares about ethical performance.
The retail space has had a revival in terms of diversity, equity, and inclusion, and it’s refreshing to see that Home Depot is making sure to highlight important milestones, such as Women’s History Month.
Standing to Assist After Natural Disasters
One of the most important things anyone can do is help in times of crisis. Regardless of where people choose to live in the United States, natural disasters are just a way of life.
This is where companies can earn true goodwill by being willing to help, but only if the resources offered are genuine and timely.
Home Depot focuses on being as open as possible after natural disasters, focusing on getting the community at large the materials they need without facing huge price increases.
Home Depot Helps Streamline Communal Natural Disaster Relief
While shortages are part of the aftermath of a natural disaster, communities can breathe a sigh of relief knowing that help is on the way.
Coordinating with insurance companies after a natural disaster is part of the process, but Home Depot still continues to work on streamlining the process of getting the exact materials and tools needed to handle natural disasters.
Holding workshops and demonstrations year-round to make DIY even more accessible is key to pulling this initiative off.
Leading Sustainability Initiatives
The company cares about sustainability and becoming more environmentally friendly. The newsroom highlights a few important sustainability initiatives, including encouraging people to recycle Christmas trees and use energy-efficient lighting whenever possible.
The store, like so many, also stocks energy-efficient lighting as the default, rather than outdated incandescent bulbs.
Studies have shown that consumers are growing more concerned about the environment, including climate change. By presenting eco-friendly options in-store, Home Depot is demonstrating that they aren’t just talking about sustainability, they’re rising to the challenge.
Addressing Labor Shortages Sensibly
Home Depot is aware of not just the consequences of the pandemic but the requirements of the post-pandemic era. They have decided to do a major hiring blitz and hire an additional 100,000 associates.
The economic boost of this action is important on several levels.
Many communities have found that the jobs that they counted on before just aren’t there anymore. Working with Home Depot might not be a first choice, but the company does pride itself on promoting from within.
Many members of the management team started out as store associates, which means that there could be new opportunities as a result of this hiring blitz.
The Intersection of Price and Longevity
Overall, retail is in a great place, though there will always be areas of opportunity. While shoppers are ready to return to their pre-pandemic shopping habits, there are still lingering concerns about in-person shopping.
Yet online only isn’t the answer either. Home Depot blending a quality e-commerce experience with an in-person retail experience is the best of both worlds.
People that want to stop by for “a few things” can have that experience, while people that want to order a piece of the home improvement world with a tap or two on their smartphone can have that as well.
Ultimately, it looks like Home Depot will continue to be a market leader, and retail will be all the better for its position.
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