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It looks like it might be time to shop elsewhere for your office supplies. Hundreds of other store closings have been announced by retailers this year. But Home Depot has been especially hard hit by the real estate crisis. With far fewer houses being sold and less money for discretionary home purchases, both contractors and do-it-yourself customers are pulling back on purchases. Home Depot will close 15 underperforming stores, the company has announced, and remove 50 future openings from the new store pipeline.
America’s favorite retailers are struggling to keep customers in their stores and to keep their stores open as they are facing supply issues and price increases from every direction. And a report from financial services company Morgan Stanley found that there were more stores opening than closing in the U.S. in 2021 for the first time in 26 years, according to the newspaper. The Bed Bath&Beyond closures come as part of a broader plan to trim an expansive and expensive real estate portfolio, and invest more heavily in digital sales. With the holiday season fast approaching, retailers, including Office Depot, across America should get the much-needed boost it needs and start 2023 on a better footing than that of previous disaster years.
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These closures were part of a bigger long-term plan to restructure the company and realign its place in the market post-pandemic. No specific number was released, but by the end of 2021, 263 Office Depot branches had closed their doors for good. Superstores like Bed, Bath and Beyond, Kmart, and Sears have all struggled through the last number of years and announced several store closures this year. But this time, it is another firm favorite that is in financial trouble. It has been reported that Office Depot is preparing to close another unspecified number of stores.
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Home Depot closing 15 stores in 10 states
Representatives also acknowledged that "fourth-quarter sales are expected to be lower than a year earlier by a double-digit percentage," according to CNBC. In a sign of the times and sagging home sales, The Home Depot, the world's largest home improvement retailer, revealed today, May 1, that it will be closing 15 stores, senior editor Andy Carlo reports. This news of store closures is just the first of many for Office Depot over the last few years. During the pandemic, the first set of store closures commenced.
Bed Bath & Beyond announced in August that it would be taking the axe to 150 stores across the U.S. And popular grocery store chains like Kroger, Whole Foods, and Sprouts Farmers Market have all closed several locations. But now, consumers looking for a different kind of product are going to be left with fewer places to shop soon.
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During the pandemic, Americans nested their way through lockdowns, spending their time at home investing in projects. Both Home Depot and Lowe's have seen sales soar with Statista reporting a 79 percent growth in home furnishing retail sales from April to May of 2020, and another 37 percent from May to June. Bed Bath&Beyond had previously shared its plans for widespread closures in July and launched its downsizing efforts by eliminating 63 stores in September. But just this week, as USA Today reports, Bed Bath&Beyond leadership lined up the next 43 stores that are closing, as part of the company's plan to liquidate 200 brick and mortar locations by 2022. Read on to find out if your Bed Bath&Beyond is on the chopping block next, and for another store that's closing, check out This Beloved Chain Is Closing All of Its Stores. Whether searching for new home goods or grabbing groceries, shoppers have been thwarted at every turn over the past few years.
Now 8 years later, Menards just announced they are building a store about a mile away from the HD. Since it opened they built a much larger Lowe's, and Menard's just down the road. I have even heard the employees complain about they can't compete with the larger stores. I normally hit one that a little closer and in the opposite direction.
I used to LOVE Home Depot, but I've been mistreated by them too many times. Have to admit feeling a bit of schadenfreude this morning when I heard of the closings. My locally owned building supply store either has everything I need, or can get it in short order. And their prices are rarely much more than the big boxes. Their service is excellent and the staff is extremely knowledgeable.
Excluding charges, the company reiterated that its diluted earnings per share from continuing operations are expected to decline by 19 percent to 24 for fiscal 2008. New store capital spending will be reduced by $1 billion over the next three years, Home Depot said. Spokesman Ron DeFeo said Home Depot has only closed one of its flagship stores previously because of structural damage. The stores to be closed consist of three in Wisconsin, two in Ohio, two in New Jersey, two in Indiana and one each in Kentucky, Louisiana, Minnesota, North Dakota, New York and Vermont. Home Depot said its Expo business, which sells everything from throw pillows and sconces to bathtubs and vanities, hasn’t performed well financially, even during the recent housing boom.
Not sure it's a good move to for them to get rid of Lima and Findlay at the same time. They are are about 25 miles from each other, but there are no others around closer. Lima people will now have to go about 50 miles to find the next closest HD store. In 1981, Helmerich & Payne announced plans for a $14 million, 11-story office tower just west of 21st and Utica. Home Depot is the world's largest home improvement store chain. It operates 2,258 stores in the United States, Canada, Mexico and China.
It is the first time the home improvement retailer has ever closed a flagship store for performance reasons. Along with that good news, Morgan Stanley released a report showing more retail stores opening than closing in 2021. Both these pieces of information show a less volatile market which hopefully can continue, and a positive economic change might be coming.
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