Home Depot Company Profile: Authors Reveal The Whole Story
October 6, 2019 393 views
A Collection of Resources To Tell The Story of Home Depot
This post contains and an abundant amount of resources from across the web that will give you the whole story of how this idea dreamed up in a coffee shop became America’s largest home improvement retailer, but first a brief introduction.
With revenue of over $108 Billion in 2019 and employing over 400,000 people, Home Depot is the largest home improvement retailer in the United States. Operating as a big-box format retailer the company offers a wide variety of home improvement items from top brands as well as its own brand names.
Some of the categories the company provides include; garden supplies, appliances, paint, lumber, tools, plumbing supplies, building materials, kitchen and bath products, flooring, hardware, electrical supplies, and more.
It was the year 1978 in a coffee shop in Los Angeles where Bernard Marcus and Arthur Blank after being fired during a corporate power struggle at Handy Dan, came up with the idea of The Home Depot.
The core idea was what they call the “bill of rights,” consisting of the best variety of products, enough quantities of stock, great pricing, and the help of trained qualified sales associates to help customers find the right product for their needs as well as offer advice for their home improvement and repair projects.
Investment banker Ken Langone and merchandising guru Pat Farrah, with their expertise and connections were a key part of the success of getting this idea up and running with the first two Home Depot stores opening in Atlanta.
The stores opened with a warehouse look and with 60,000 square feet. The store opened with more items than any of its competitors. They had so much space they stacked the top shelves with empty boxes to give the impression the store was packed with products. In the early days, Marcus and Blank drove forklifts around the warehouse to make skid marks so it would look like there was a lot of forklift traffic and the store was busy.
During the grand opening Marcus and Blank had their kids stand at the exit and give each customer a dollar as a thank you for coming in, they barely had any customers come that day so the kids moved to the parking lot offering people a dollar to come in and tour the store.
For the complete story of Home Depot and peek into its financials, shareholders, employee relations, company facts, and more, see the unique collection of hand-picked resources in the sections to follow.
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