The Home Depot furniture warehouse, which employs more than half a million people and sells everything from lamps to kitchen and bath accessories to furniture to the home, has been a constant, reliable presence on the home improvement circuit for nearly two decades. However, as the home improvement store continues to improve and mature, and the stock inventory grows, Home Depot’s business model has changed somewhat.
Now, with the expansion of a new furniture line, Home Depot is looking to expand its profits and market share. It will be done while re-aligning itself with the ever-changing, increasingly sophisticated consumer.
The Home Depot has a long run with its high stock price nearly tripling over the past five years. Also, it had its sales posting steady increases during that time. But as a home improvement store that is primarily in the building supply retail category in the US, it still faces an oversaturated market. So the expected future growth is anticipated to slow considerably.
The company is seeking to broaden its customer base by introducing a line of high-end furniture, including dining room furniture, kitchen furniture, and bedroom furniture. So this new line will target the “high-end” home buyer and offer an even higher degree of value for money.
Home Depot will sell a range of products from floor to ceiling, from basic wood products to elegant designer furnishings. The company’s focus will be on furniture that will be both practical and stylish, in order to attract the middle-class home buyer and the affluent homeowner who want to show off their home at the expense of practicality. Home Depot plans to build a portfolio of high-end furnishing, each designed with practicality in mind, rather than for showroom appearance.
Home Depot Furniture – What Else Should You Know?
Furniture will include the latest technological advances, such as computerized manufacturing that enables retailers to create a product just for their store. These items can also be designed for individual homes, in keeping with the company’s commitment to meet the needs of the customer, not just its bottom line. Home Depot’s goal is to produce furniture for the consumer, not just for the company. The company hopes to be more than a home improvement company.
Home Depot’s new line of high-end, furniture-driven goods will be sold online and in stores across the country. Retailers include Target, Wal-Mart, Best Buy, JCPenny and more. Retailers are taking advantage of the opportunity to offer consumers a wider selection of styles and prices, even those traditionally overlooked by traditional home improvement stores. They’re also able to save on overhead, because of their reduced investment in warehousing and shipping, because Home Depot stores do not have to purchase these products in large quantities.
Home Depot is taking an important step in the direction of becoming an important, viable alternative to traditional retailers because the store’s furniture will go head-to-head with other big box stores and traditional furniture stores. By opening up the doors to the consumer to wider selections, Home Depot is able to compete with retailers who provide more affordable furniture for the consumer’s pocketbook, while offering better customer service.
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In addition to selling higher-end furnishings, Home Depot’s new line of products will also include affordable options for people who want basic, everyday items for the home.
People who may have not considered buying a dining room set or a coffee table will be impressed with the choices available from Home Depot’s affordable options. As competition heats up for their attention, Home Depot will strive to maintain its place as the top provider of good furniture for both its home and office use.
Home Depot’s new furniture line will provide a strong foundation for the home furnishing company’s growth into a big-box retailer. The company will offer a broader range of products and better prices, which will allow customers to get the furniture they need at reasonable prices. As more people seek out services like Home Depot, the retailer’s furniture business will continue to grow and expand.