The Home Depot is known for being the largest home improvement retailer in the world. They sell everything you would need to build, maintain, and enhance the appearance of your home. They offer a variety of products ranging anywhere from materials to tools and offer various services as well. The Home Depot currently operates over 2,200 stores within the United States, Canada, China, and Mexico and is actively growing. Their products and services appeal to many different consumers including home owners, builders, tradesmen, and repairmen.
History
On June 22nd, 1979 the first two Home Depot stores were opened in Atlanta, Georgia. Within the first eight years of business they experienced rapid growth, and achieved being the largest retailer by 1986 reaching one billion in sales. It was originally founded by Bernie Marcus, Arthur Blank, Ken Langone, and Pat Farrah. All four founders shared the same vision of creating one store that offered everything that someone would need to build, repair, maintain a home, and conduct do it yourself projects. Within ten years of business, they were able to proudly announce the opening of their 100th retail store in the United States. Not only did Home Depot start out offering a tremendous amount of products, but they also offered free seminars to teach individuals how to do particular home improvement projects. This is one great service that they still offer today.
Two years after the original two stores opened, they decided to become a public company on the NASDAQ and eventually moved to the NYSE. After
achieving being the fastest growing retailer in United States history, the Home Depot didn’t stop there. They began to further expand by going internationally in 1989, by opening retail stores in Canada, Mexico, and eventually China. Since the beginning, Home Depot has strived on developing strategic product alliances with various well known industry leading manufactures. These associations encouraged Home Depot to be one of the best, to achieve a standard of representing their alliances with quality.
Two years after the original two stores opened, they decided to become a public company on the NASDAQ and eventually moved to the NYSE. After
achieving being the fastest growing retailer in United States history, the Home Depot didn’t stop there. They began to further expand by going internationally in 1989, by opening retail stores in Canada, Mexico, and eventually China. Since the beginning, Home Depot has strived on developing strategic product alliances with various well known industry leading manufactures. These associations encouraged Home Depot to be one of the best, to achieve a standard of representing their alliances with quality.
Vision and Mission Statement
The original founders of the company had the vision of creating a one-stop shop for anyone looking to commence a do-it-yourself project. This vision became a reality after opening their first two stores. From that moment they were able to drastically grow and develop strong corporate values. Unlike most companies, Home Depot didn’t create one simple mission statement. Instead they developed eight corporate values that were premeditated to guide the actions of their employees, to assist them in becoming a leading retailer. Their eight corporate values include:
“Taking care of our people: The key to our success is treating people well. We do this by encouraging associates to speak up and take risks, by recognizing and rewarding good performance and by leading and developing people so they may grow.
Giving back to our communities: An important part of the fabric of The Home Depot is giving our time, talents, energy and resources to worthwhile causes in our communities and society.
Doing the right thing: We exercise good judgment by "doing the right thing" instead of just "doing things right." We strive to understand the impact of our decisions, and we accept responsibility for our actions.
Excellent customer service: Along with our quality products, service, price and selection, we must go the extra mile to give customers knowledgeable advice about merchandise and to help them use those products to their maximum benefit.
Creating shareholder value: The investors who provide the capital necessary to allow our company to grow need and expect a return on their investment. We are committed to providing it.
Building strong relationships: Strong relationships are built on trust, honesty and integrity. We listen and respond to the needs of customers, associates, communities and vendors, treating them as partners.
Entrepreneurial spirit: The Home Depot associates are encouraged to initiate creative and innovative ways of serving our customers and improving the business and to spread best practices throughout the company.
Respect for all people: In order to remain successful, our associates must work in an environment of mutual respect, free of discrimination and harassment where each associate is regarded as a part of The Home Depot team.” (Home Depot Values, Corporate.HomeDepot.com)
“Taking care of our people: The key to our success is treating people well. We do this by encouraging associates to speak up and take risks, by recognizing and rewarding good performance and by leading and developing people so they may grow.
Giving back to our communities: An important part of the fabric of The Home Depot is giving our time, talents, energy and resources to worthwhile causes in our communities and society.
Doing the right thing: We exercise good judgment by "doing the right thing" instead of just "doing things right." We strive to understand the impact of our decisions, and we accept responsibility for our actions.
Excellent customer service: Along with our quality products, service, price and selection, we must go the extra mile to give customers knowledgeable advice about merchandise and to help them use those products to their maximum benefit.
Creating shareholder value: The investors who provide the capital necessary to allow our company to grow need and expect a return on their investment. We are committed to providing it.
Building strong relationships: Strong relationships are built on trust, honesty and integrity. We listen and respond to the needs of customers, associates, communities and vendors, treating them as partners.
Entrepreneurial spirit: The Home Depot associates are encouraged to initiate creative and innovative ways of serving our customers and improving the business and to spread best practices throughout the company.
Respect for all people: In order to remain successful, our associates must work in an environment of mutual respect, free of discrimination and harassment where each associate is regarded as a part of The Home Depot team.” (Home Depot Values, Corporate.HomeDepot.com)