Do you know the story behind the largest home improvement retailer in the United States, ahead of rival Lowe’s, and the fourth largest general retailer? If you don’t then you’re going to enjoy the following.
The Home Depot was founded in 1978 by Bernie Marcus, Arthur Blank, Ron Brill, and Pat Farrah. The Home Depot’s proposition was to build home-improvement warehouses, larger than any of their competitors’ facilities. Investment banker Ken Langone helped Marcus and Blank to secure the necessary capital.
|“Bernie and I founded The Home Depot with a special vision — to create a company that would keep alive the values that were important to us. Values like respect among all people, excellent customer service and giving back to communities and society.”|
In 1979, the first two stores, built in spaces leased from J. C. Penney that were originally Treasure Island “hypermarket” (discount department and grocery) stores, opened in metro Atlanta on June 21. Two more opened not long after, and all four shared the space under the “squiggly” zig-zag roof with Zayre on its right side. The first headquarters was on Terrell Mill Road on the southeast side of Marietta, Georgia, just down from one of the stores at the corner ofCobb Parkway.
Since the 1990s, its current headquarters is a complex of high-rise buildings on Paces Ferry Road, on the western edge of theCumberland/Galleria edge city in unincorporated Cobb County, Georgia, across Interstate 285 from the town of Vinings, and served by mail from Atlanta. The tallest is approximately 85 metres (279 ft) high, the fourth-tallest in the Vinings area.
In 2000, after the retirement of Marcus and Blank, Robert Nardelli was appointed chairman, president, and CEO. Nardelli was replaced in January 2007 by Frank Blake.
In 2007 the Home Depot sold its USD $13 billion revenue wholesale (trade) division, HD Supply, to a consortium of three private equity firms, The Carlyle Group, Bain Capital and Clayton, Dubilier and Rice (with each agreeing to buy a one-third stake in the division). Home Depot sold their wholesale construction supply business to fund a stock repurchase estimated at $40 billion.
Board of directors
As of today, current members of the board of directors of the Home Depot are: F. Duane Ackerman, David H. Batchelder, Frank Blake, Ari Bousbib, Gregory D. Brenneman, Albert P. Carey, Armando Codina, Bonnie G. Hill, and Karen Katen. The Home Depot’s board consists of 9 members, with 8 of them being independent directors.
The slogan “More saving. More doing.” was introduced by The Home Depot in the March 18, 2009 circular, replacing “You can do it. We can help.” which had been used since 2003. Other slogans used in the past 25 years include “The Home Depot, Low prices are just the beginning” in the early 1990s and “When you’re at the Home Depot, You’ll feel right at home” in the late 1990s and “The Home Depot: First In Home Improvement!” from 1999-2003.
The domain homedepot.com attracted at least 120 million visitors annually by 2008 according to a Compete.com survey.
To learn more go to: http://en.wikipedia.org/wiki/The_Home_Depot