Magazines Archives - 2007 January
US Home Depot acquires Home Way
HOME DEPOT of the US has con-firmed a definitive agreement to acquire Chinas first home-improvement re-tailer, Home Way, with the intention to rename the latters 12 stores.
Both companies did not reveal the terms of transaction, except to say that Home Depots ownership of Chinas fourth-largest home-improvement retailer will be 100%.
The the big-format US retailer will study how the customer wants to be served before making more changes to its acquired stores, said Annette Verschuren, president of Home Depot Asia/Canada, in local news.
Projects in China are generally more extensive than in the US as the Chinese consumer often buys an empty home and then arranges for electrical wiring, plumbing and other works to be done, Verschuren said. In light of this, Home Depot will incorporate installation and other services as a key component of its business in China, she said.
The average Home Way store mea-suring 90sqf is slightly smaller than its Home Depot counterpart in the US, Canada and Mexico.