The retailer announced it was acquiring SRS Distribution, a company that sells supplies to roofing, pool and landscaping professionals, for $18.25 billion in March and closed the deal in June.
Yet SRS caught the retailer's attention because it offered a different area of expertise: Catering to home improvement pros with specialties, Decker said. Customers have delayed home sales and purchases, or springing for pricier projects, as they wait for lower mortgage and borrowing rates. In other interest rate easing cycles, he said it's typically taken about six to nine months to see housing demand pick up. The Federal ReserveGrom said Home Depot's growing pro business is what helps to attract investors and set it apart from its mainPros are typically steadier and bigger spenders, and some of the businesses they serve better weather ups and downs in the economy.
The SRS deal and the focus on pro does not mean Home Depot is abandoning efforts to jolt the rest of its business. Decker said the retailer is still trying to attract more do-it-yourself sales. It has opened 10 new stores in the U.S. since late January and it plans to open two more by early February.SRS brings a larger and more mature logistics network that can speed up deliveries and lower costs. The company has an approximately 4,000-truck delivery force.
"That's a huge opportunity, but that's even not touching or integrating with them," he said."That's just using some of their assets."
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: RobbReport - 🏆 309. / 63 Read more »