Printer Friendly

THE HOME DEPOT ANNOUNCES PLANS FOR CONTINUED GROWTH IN NEW ENGLAND, EXPECTING TO OPERATE APPROXIMATELY 22-25 STORES IN REGION BY END OF 1996

 THE HOME DEPOT ANNOUNCES PLANS FOR CONTINUED GROWTH IN NEW ENGLAND, EXPECTING TO OPERATE APPROXIMATELY 22-25 STORES IN REGION BY END OF 1996
 ATLANTA, Dec. 17 /PRNewswire/ -- The Home Depot (NYSE: HD), America's largest home center retailer, today announced that it plans to operate a total of up to approximately 22 to 25 stores in New England by the end of 1996 with a total workforce of approximately 4,500 people, 2,600 of whom will be located in Massachusetts.
 A typical Home Depot store employs approximately 175 full-time people and provides significant sales tax and property tax revenue.
 Seven new stores are expected to open in New England during 1992. Under construction already are stores in Attleboro, Danvers, Quincy, Mass.; Warwick, R.I.; Salem, N.H; and Southington, Orange, Conn. In the planning process for state and local approval are stores in Somerville, West Roxbury, and Tewksbury, Mass., as part of the six more stores planned to open in the region during 1993.
 "In addition, the company also plans to relocate its New England regional office to Somerville, Massachusetts, from Burlington, Massachusetts," said John Roberts, New England real estate manager. "The office will be located at the Somerville store."
 "The very strong customer acceptance of our new stores in West Springfield, Seekonk, Massachusetts, and Nashua, New Hampshire, was a key factor in our decision to accelerate our commitment to New England, enabling a more aggressive schedule of development than we had previously contemplated," said Larry Mercer, president of the northeast division.
 The company presently employs over 1,200 people in its existing New England stores which are located in Berlin, Fairfield, Manchester, North Haven, Conn.; West Springfield, Seekonk, Mass.; and Nashua, N.H.
 The company is also noted for its progressive workplace employment practices and its philanthropic commitment to the communities in which its stores are located. For 1991, the company's philanthropy budget grew to $2.6 million from $1.8 million the year before. The two major focuses are to provide affordable housing and assist "at-risk" youth. In addition to making financial and building materials grants, company employees have donated thousands of hours of time, giving their expertise in the building trades to local efforts.
 "We maintain our high level of customer service by having just the right number of stores -- neither too many nor too few -- to serve a region," said Mercer. "The volume of customers and the quality of service are key factors in maintaining the right balance."
 The prototypical Home Depot size is over 100,000 square feet plus a 20,000-square-foot garden center.
 Home Depot has a commitment to everyday low prices, wide selection (some 30,000 items are carried in each store) and an extremely high level of customer service, which includes comprehensive how-to information from sales associates and specialized free do-it-yourself clinics offered in all stores every week.
 The stores also feature design centers staffed by professional designers who offer free consulting for a myriad of home improvement projects ranging from lighting to a computer-assisted design for a kitchen or bathroom. The hardware and plumbing inventories range from inexpensive replacement items to top-of-the-line upscale fixtures, but always at guaranteed low prices. Lumber, electrical and paint departments are staffed by professional tradespeople from those various skilled disciplines -- offering a unique level of advice for the do-it-yourselfer.
 The Atlanta-based retailer, which opened its first stores in Atlanta in 1979, entered the northeastern United States in January 1989 with a store in East Hanover, N.J. Overall, Home Depot expects to be operating a total of approximately 150 stores in the Northeast -- and approximately 534 stores nationally -- by the end of 1996. The company currently operates 169 stores in 15 states.
 Its stock is traded on the New York Stock Exchange under the symbol "HD" and is included on the Standard and Poor's 500 Index.
 Home Depot is credited with being a leading innovator in the home center industry by combining the economies of scale inherent in a warehouse format with a level of customer service unprecedented among warehouse retailers.
 In the most recent fiscal quarter, sales increased 39 percent and earnings increased 62 percent from last year's record results.
 -0- 12/17/91
 /CONTACT: Jerry Shields, 404-431-2741, or John Roberts, New England real estate manager, 617-273-0990, both of The Home Depot/
 (HD) CO: The Home Depot, Inc. ST: Georgia IN: REA SU:


BR-BN -- AT008 -- 2900 12/17/91 11:07 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 17, 1991
Words:737
Previous Article:ENNIS BUSINESS FORMS REPORTS NINE MONTHS OPERATING RESULTS
Next Article:SUMITOMO NAUGATUCK TO BUILD NEW POLYCARBONATE PLANT, BE RENAMED
Topics:


Related Articles
HOME DEPOT ANNOUNCES APPOINTMENT OF EDWARD A. WOLFE AS VICE PRESIDENT OF LOSS PREVENTION
HOME DEPOT ANNOUNCES APPOINTMENT OF EDWARD A. WOLFE AS VICE PRESIDENT OF LOSS PREVENTION
HOME DEPOT OPENS 200TH STORE 13 YEARS FROM ITS START; PLANS TO OPEN 500TH STORE BY END OF 1996
THE HOME DEPOT TO ENTER DETROIT MARKET; CONSTRUCTION OF FIRST STORE BEGINS THIS WEEK
OFFICE DEPOT REPORTS 25% INCREASE IN SALES & 27% INCREASE IN OPERATING PROFIT FOR 1995
THE HOME DEPOT REPORTS 41ST CONSECUTIVE QUARTER OF RECORD EARNINGS
OFFICE DEPOT ANNOUNCES SECOND QUARTER 1996 RESULTS AND AGREEMENT TO OPEN STORES IN JAPAN
Office Depot Ratings Raised by Standard & Poor's; Off CreditWatch
NEWS BRIEFS.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters