Home Depot plans to close all big-box stores in China.
Home Depot plans to close its remaining seven big-box stores in China as the company shifts its focus in that market to specialty stores and online offerings.
While it is closing its big-box stores, Home Depot is maintaining a new formats team to continue research and development activities. The company is also maintaining two recently opened specialty stores--a paint and flooring store and a Home Decorators Collection store, both located in Tianjin--and is in the beginning stages of developing relationships with several of China's leading e-commerce websites. Home Depot executives believe that combination is more tailored to Chinese customers' needs and shopping preferences.
"We've learned a great deal over the last six years in China, and our new approach leverages that experience and reflects our continuing interest in providing value to Chinese customers, as well as our shareholders," Home Depot Chairman and CEO Frank Blake says.
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|Comment:||Home Depot plans to close all big-box stores in China.(NewsMakers)|
|Date:||Nov 1, 2012|
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