Show me the Home Depot
Home Depot was feeling good in 2005. CEO Bob Nardelli was seeing unlimited growth for the nationwide chain.
In 2006 Eureka hears that Home Depot wants to sit in the proposed “Marina Center” development. The dust raises as locals begin to argue. It gets so thick that no one notices Home Depot has probably lost interest.
Times changed and Mr. Nardelli — with his vision of unlimited growth — was replaced by a new CEO in January of 2007. The new chief, Frank Blake, issued the following statement:
“By building fewer stores, in the best locations, and making sure our existing stores are profitable, our company will be in a much stronger competitive position.”
The Associated Press reported that “Home Depot said it will no longer pursue opening the roughly 50 U.S. stores in its new store pipeline, in some cases for more than 10 years.”
The Home Depot that said they were coming to Eureka is not the Home Depot of today.
- 2007 Home Depot waves goodbye to CEO Nardelli, who ran the company during the proposal to locate in Eureka.
- 2007 Home Depot sells their wholesale construction supply business.
- 2008 Home Depot says it’s closing 15 underperforming stores and scuttling earlier plans to open 50 others.
- 2009 Home Depot cuts 7,000 jobs, closes 34 Expo Design Centers, 5 Yardbird Store, and 7 bath remodeling businesses.
- 2008-2009 Home Depot closes 54 stores nationwide.
- 2010 Home Depot closes 3 stores; announces 1,000 layoffs
The “Marina Center” has become synonymous with “Home Depot.” But do you really think Home Depot is coming here? Convince me with something other than a 2006 North Coast Journal or a pastel picture from the Marina Center website.
UPDATE: Hank Sims weighs in on the Home Depot question and says this week’s Journal will include an interview with Security National’s Randy Gans who says Home Depot is still on board for the Marina Center.