dfasdfasfEconomic Challenges Facing Home Depot
Resulting in Down Sizing
The Home Depot is the fastest growing retailer in U.S. history. In 1981, the company went public on NASDAQ and moved to the New York Stock Exchange in 1984. The 1980s and 1990s spawned tremendous growth for the company, with 1989 marking the celebration of its 100th store opening. From the beginning, The Home Depot developed strategic product alliances directly with industry-leading manufacturers to deliver the most exclusive assortments to customers. The company sets the standard for innovative merchandise for the do-it-yourselfer and the professional contractor. Due to the poor economic conditions of today’s economy Home Depot (HD) is faced with the challenge of having to downsize their business to stay in the game. These challenges have forced Home Depot to close 15 Flagship stores affecting 1,300 employees along with realigning future plans for expansion. The Human Resources Department at Home Depot has been faced with the challenges of increasing employee morale, restructuring work assignments and schedules, assisting personnel in finding new jobs and with determining forecasting methodologies and the best employment practices to handle the economic challenges that the company is facing.
The Change Taking Place
Economic unease, from the credit markets to the gas pump, has proven a boon to the nation's largest discount retailer, Wal-Mart Stores, and a bust for the biggest home improvement chain, Home Depot. American consumers, bruised by a struggling housing market and rising fuel prices, have chosen to skip expensive purchases -- from kitchen renovations to new suits -- in favor of discounted merchandise. As a result the profit plunged 27 percent. Home Depot appea ...