There has been unprecedented growth in the home improvement sector in recent years. The growth of home values has nudged homeowners towards buying things that will improve the overall appearance of their home front. The nationwide spending on this sector has doubled if you look at the rest of the retail sector and this is why the related companies have shown a rise in their revenue figures.
Home Depot is one such company that has reported exceptional growth figures as the brand posted revenues for the fiscal year 2018 at 108.2 billion US dollars. It has the distinction of being the largest retailer in the United States in terms of home improvement products that includes a supply of construction products, tools and services. The Home Depot, Inc is an American origin public company that was founded in the year 1978 by its founders Kenneth Langone, Pat Farrah, Ron Brill, Arthur Blank, and Bernard Marcus.
It serves in United States, Canada and Mexico with headquarters based in Atlanta and has a presence with two thousand two hundred and eighty-five outlets. Home Depot is associated with the retail industry and deals in home appliances along with garden supplies and plants, flooring, plumbing, paint, building materials, lumber, hardware, and tools.
The trend towards large remodels is on the rise and it is evident by the National Association of Home Builder’s NAHB Remodelling Market Index or RMI that has shown a growth of 31% in the middle of the year 2019. The renovation business is headed towards half a trillion and this is why numerous retail giants have included related products in their product portfolio. It is a fact that every one of these companies is trying to cash in the available opportunities in this sector. Let us go through some of them to know more about the ones that are considered Home Depot competitors.
Lowe’s posted its revenues for the fiscal year 2018 at 68.619 billion US Dollars and is considered one of the topmost Home Depot competitors in the retail industry as well as the home improvement sector. It has the second-largest chain of hardware stores behind its major competitor Home Depot in the United States as well as the world.
Lowe’s is an American origin public company that was founded in the year 1921 by its founders Carl Buchan and Lucius Smith Lowe. It serves with headquarters based at Mooresville, North Carolina in the United States. The company has spread its presence with more than two thousand and fifteen outlets by the end of the year 2018 in countries like Canada and the United States.
Lowe operates in bigger markets through the big-box concept of outlets although in some smaller markets you will also find the classic format stores. It is associated with the retail industry and deals in building and hardware materials along with other items like groceries. The product portfolio includes items related to lawn and garden, grills, patio, outdoor power equipment, paint, tools, bathroom products, storage and organization and smart home appliances to improve your home.
It also includes design, installation and project management as part of their home services. The company has introduced several schemes like the Price Match Guarantee and Free In-Store Pick-up to attract and maintain a huge customer base.
Menards is the third-largest chain of hardware stores behind its major competitor Home Depot and Lowe’s in the United States. It posted its revenues for the fiscal year 2017 at an estimated 10 billion US Dollars and is considered one of the topmost companies in the retail industry as well as the home improvement sector.
Menards is an American origin private company that was founded in the year 1960 by its founder John Menard Jr. It serves with headquarters based at Eau Claire, Wisconsin in the United States. The company has spread its presence with more than three hundred and fifty locations in the fifteen states of the Midwestern United States. It acts as a subsidiary of its parent company Menard, Inc.
Menards operates in bigger markets through the big-box concept of outlets. It is associated with the retail industry and deals in building and hardware materials along with other items like groceries, canned items, common snacks, eggs, frozen pizza, milk, office supplies, and pet supplies, etc. The product portfolio related to home improvement includes power tools, hardware, building supplies, appliances, gardening hand tools, safety and security, rough plumbing, supplies, paint, wall treatments, layout tools, lighting and ceiling fans, light bulbs, bath and kitchen fixtures, and home organization products.
3. Leroy Merlin
Leroy Merlin is a Home Depot competitor that operates via its stores that are generally built on the outskirts of cities and major towns. These outlets are very large area wise and on average is built on nearly nine thousand square meter areas. The stores offer sales assisted services as well as self-service options.
Leroy Merlin is a French origin company that was founded in the year 1923 by its founders Adolphe Leroy and Rose Merlin. The renowned company serves with headquarters based at Lezennes in France and has spread its presence to several countries like France, Greece, Poland, Italy, China, Egypt, Brazil, South Africa, etc. It acts as a subsidiary of its parent company Group Adeo.
Leroy Merlin is associated with the retail industry and deals in home improvement, do-it-yourself, renewable energy, sanitary equipment, and garden supplies. The Home Depot competitor’s product portfolio in home improvement category includes building materials, plumbing, carpentry, toolsets and tools, tiling, home comfort, heating, cooling and air quality, electrical, home exterior, home safety, paint, light bulbs, hardware, bathroom accessories, wallpaper, fixing and fastening, wood and panels, household and cleaning, utility storage, PVC flooring, carpet, laminate, and landscaping.
Walmart has posted its revenues for January 2020 at 523.964 billion US dollars making it one of the prominent companies in the world. The multinational corporation operates a chain of retail outlets in the form of grocery stores, discount department stores, and hypermarkets through three segments Walmart International, Walmart US, and Sam’s Club. Besides these outlets, it has an envious e-commerce network Walmart.com with one lakh visitors every month and an annual growth that surpasses 40%.
Walmart, Inc is an American origin public company that was founded in the year 1962 by its founder Sam Walton. It serves with headquarters based at Bentonville, Arkansas in the United States and has spread its presence with eleven thousand five hundred and three outlets and clubs in twenty-seven countries.
Walmart acquired several online platforms of diversified categories including home improvement that has made it a direct Home Depot competitor in the retail industry.
Its huge product portfolio includes tools, heating, cooling, and air quality, bathroom renovation, garage storage, paint, home safety, building materials, flooring, hardware, electrical, doors and gates in home improvement category as well as products like grocery, automotive goods, party supplies, craft supplies, pet supplies, hunting products, fitness items, health and beauty, jewelry, clothing and movies and music, etc. It also offers financial products and services like bill payment, check to cash, prepaid cards, and money orders, etc.
With 280.522 billion dollars of revenues in the fiscal year 2019, Amazon has proved itself as one of the major Home Depot competitors in the world. It has well-established marketplaces with massive product categories as well as a huge customer base. Amazon is counted amongst the Big Four tech companies in the world and has been declared as one of the biggest brands in the global arena.
Amazon is an American origin public company that was founded in the year 1994 by its founder Jeff Bezos. It serves with headquarters based at Seattle, Washington in the United States and has spread its presence to seventy-three cities in thirty-three countries. Ranked as the most valuable company its product portfolio and active users exceed one hundred and nineteen billion items and one hundred million respectively.
The international technology-based corporation has a diversified product presence in numerous industries like e-commerce, Artificial Intelligence, Cloud Computing, Consumer Electronics, Grocery Stores and Digital Distribution. It is a direct Home Depot competitor in the home improvement industry and its product portfolio includes wall treatments, painting supplies and tools, power and hand tools, safety and security, bath fixtures, kitchen fixtures, hardware, electrical and cleaning supplies, etc.
Other important products from the brand include Amazon Kindle, Amazon Fire OS, Amazon Fire TV, Amazon Echo, and services are Amazon Alexa, Amazon Web Services, Amazon Prime Video, Amazon Prime, Amazon Music, Amazon Appstore, and Amazon.com.
B&Q is a Home Depot competitor as both of them are involved in the home improvement sector. It is the second-largest chain of hardware stores in Europe and at fourth position in the world behind its major competitor Home Depot, Lowe’s and Menards.
B&Q Limited is a British origin company that was founded in the year 1969 by its founders David Quayle and Richard Block. The multinational company serves with headquarters based at Eastleigh, Hampshire in the United Kingdom and has spread its presence with the help of an estimated two hundred and ninety-six stores by the year 2018. It even has an online presence to cash in the opportunities provided by those platforms. It acts as a wholly-owned subsidiary of its parent company Kingfisher plc.
B&Q is associated with the retail industry and deals in DIY home improvement, plants and garden supplies. The Home Depot competitor’s product portfolio has nearly forty thousand products. The diversified product portfolio includes outdoor and gardens, kitchen and bathroom supplies, home and bedroom supplies, building materials, hardware, heating and plumbing, tiling, flooring, electrical, lighting, decorating, paint, equipment, and tools.
Target has the distinction of being the largest retailer in the United States and is one of the prominent Home Depot competitors. The brand posted revenues for the fiscal year 2019 at 75.356 billion US dollars and is considered one of the strongest players in the market related to home improvement products.
Target is an American origin public company that was founded in the year 1902 by its founder John Geisse and George Dayton. It serves in the United States with headquarters based at Minneapolis, Minnesota and has spread its presence with one thousand eight hundred and sixty-eight outlets in that country. The retail format of Target includes the small format, hypermarket, and discount store. It gives serious competition to other retail brands and has been able to occupy a greater chunk of market share. The company has launched schemes like Expect More Pay Less and Low Price Promise to lure in further customers and retain the loyalty of existing ones.
Target is associated with the retail industry and deals in home improvement and other products. Its diversified product portfolio includes plumbing, toolsets and tools, heating, cooling and air quality, electrical, home exterior, home safety, paint, light bulbs, hardware, bathroom accessories, wallpaper, toys/games, footwear, pet supplies, small appliances, lawn and garden items, jewelry, furniture, food, accessories, apparel, health, beauty, and bedding, etc.
8. Best Buy
With revenues for the fiscal year 2019 at 42.88 billion US dollars, Best Buy is considered one of the Home Depot competitors in the world. It is a multinational retailer that operates via several subsidiaries along with the domain BestBuy.com brand in making a distinct name for itself in the retail world.
Best Buy is a public company of American origin that was founded in the year 1966 by its founder Richard M Schulze. It serves only in Mexico, Canada, and the United States with headquarters based at Richfield, Minnesota in the United States and has spread its presence with nine hundred and ninety-seven outlets by February 2019.
Best Buy is associated with the retail industry and deals in home improvement, appliances, and consumer electronics. It has products for renovating and upgrading your home for outdoors and even if a customer wants to turn his place into a smart home. The brand offers a free consultation to interested parties as part of its services.
As high-income millennial is becoming homeowners, their tilt towards spending on home improvement is becoming more and more evident. Even Baby Boomers are spending more on a per-household basis to make credible modifications to their homes. These factors have contributed greatly to the growth of retail giants who are offering home improvement products in the market.