The Home Depot
Company: The Home Depot
Industry: The Home Depot is a U.S.-based supplier of construction and home improvement services and products.
In 1979, the Home Depot was formed in Atlanta, Georgia by Bernie Marcus and Arthur Blank. The concept they invested in was to construct home-improvement warehouses, which would be made larger than that of their competitors’. Ken Langone, an investment banker, supplied Bernie Marcus and Arthur Blank the necessary funds with which to pursue this enterprise. They leased two properties, which were originally Treasure Island stores, from L.C. Penney in Atlanta, Georgia, and on June 22, 1979 the first no-frills Home Depot stores opened. Their concept revolutionized the DIY (Do-it-yourself) home improvement industry in the United States.
In 1981, the company made its initial public offering and in 1984 was listed in the New York Stock Exchange under the label “HD.”
In 1986, Home Depot hit the $1 billion-mark in sales and in 1997, reached $20 billion. This achievement made them the fastest expanding home renovation retailer. During this span of 12 years, they had an average annual growth in sales of 119%.
As early as 1998, the average store of the company contained 35,000 products that included well-known brands to ones that were Home Depot’s.
In 2000 Marcus and Blank retired. Robert Nardelli was then appointed as president, chairman, and chief executive officer.
In January 2007, Nardelli was succeeded by Frank Blake.
In the same year, HD Supply, Home Depot’s $13 billion-revenue wholesale division, was acquired by a conglomerate of three private equity firms.
Today, Home Depot has more than 355,000 employees and has 2,141 big box format stores spread across the United States, Canada, China, and Mexico. It is currently, the most massive home improvement retailing company in the U.S.