The HOME DEPOT announced plans on September 25, 2008, for the opening of its 23rd the OC store in Huntington Beach, which is scheduled for October 30, 2008.
We see this as a significant sign that Home Depot and the retail industry are enthusiastic about the future of development and building supplies in Orange County.
The new Home Depot store at Magnolia in Huntington Beach will be about 126,000 square feet, including a garden center. This new store will employ 180 workers and will be the second Home Depot in Huntington Beach.
The Home Depot spokesperson said: "We continue to open new stores where it makes sense for our business and the community," spokesman said. "We still intend to open 55 new stores this year. The 50 mentioned in our release are mostly in 2009 and 2010. We have a more disciplined approach to capital allocation and new store growth. As we increase our focus on existing stores and maintain our continued investment in improving those stores, we will be able to create better shareholder returns."
We see this as a sign of building supplies industry confidence and good things to come for business and real estate here in Orange County, California.
In May, 2008, The Home Depot home improvement chain said it will close 15 underperforming stores and cancel plans to open about 50 stores in the U.S. However, none of those closings will be in Orange County.
The Home Depot, Inc. is the largest home center retailer in the USA and operates 478 warehouse stores and sells items to both the growing do-it-yourself home improvement market and construction professionals. The company's stores are located in 19 states, on the West Coast, and the southwestern, northeastern, and southeastern regions of the United States. California and Florida are the states containing the most Home Depot outlets [source: Wikipedia].
Posted by Harrison K. Long, Explore Properties Group, Coldwell Banker Previews, Irvine, CA.
Source: The Orange County Register, 9-26-2008.
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