Home Depot selling off extra parking
Atlanta The Home Depot said it has identified about 25 Georgia stores in which it plans to market surplus parking.
According to a report in the Atlanta Journal-Constitution, the move to sell parcels comes as Home Depot grapples with sales declines stemming from the housing bust and consumer spending cutbacks. The chain, once known for adding a store every 48 hours, has nearly stopped expanding its U.S. store base. Last year it closed 15 flagship stores and 34 Expo stores, in addition to taking 50 stores out of its construction pipeline.
However, said the report, Home Depot owns 89% of its 2,274 stores chainwide, comprising 212 million sq. ft. of real estate, which doesn’t including parking lots and garden sales areas.
“A number of stores have barren asphalt, and it’s not in anyone’s best interest to leave it sitting there,” said Mike LaFerle, Home Depot’s VP real estate.
LaFerle said he thinks the chain can attract restaurants or retailers that compliment its morning contractor business, such as fast-food restaurants that sell breakfast or auto maintenance shops.
One potential obstacle, according to the report, is that local government approval may be needed to subdivide the parking lots and add more retail.
LaFerle said he argues that selling the parcels is a “win-win” for municipalities because additional tenants add jobs and produce sales and property tax revenues.
Staples announces holiday deals
FRAMINGHAM, Mass. Staples announced that it has launched its new Holiday Center at www.staples.com/holidaysavings, featuring an expanded assortment of products and deals including gifts for the office, technology for kids, stocking stuffers and party supplies.
The company also said that it will announce Black Friday and Cyber Monday deals of Facebook and Twitter.
“At Staples, we are committed to offering customers great deals during the holiday shopping season through everyday low prices on a wide assortment of gifts, from the latest technology products and hot brand-name gadgets to Staples-exclusive items,” said Jevin Eagle, EVP merchandising and marketing for Staples. “No matter where our customers choose to shop – in our stores or on Staples.com – they will find easy ways to save this holiday season.”
Sears gets exclusive on Jenn-Air
Sears Holdings Corp. is about to become the exclusive national retailer for Jenn-Air appliances in a deal that will cut out both Home Depot and Lowe’s. Sears announced yesterday that it will introduce 17 “super premium” Jenn-Air refrigerators, dishwashers and cooktops to 255 of its largest stores by Nov. 15.
By January, Jenn-Air will no longer be sold through Home Depot and Lowe’s, according to Sears, although independent dealers and regional chains can still carry the brand.
Sears is the No. 1 retailer of large appliances with 31% of the market, according to the Stevenson Co., a market research firm that closely follows the appliance industry. But the Hoffman Estates, Ill., retailer has watched its market share steadily erode over the years as customers, often driven by promotions, turn to the warehouse home centers for their appliances. According to Stevenson’s most recent estimates, Lowe’s and Home Depot have a 20% and 11% share, respectively.
Whirlpool, which acquired Jenn-Air as part of its 2006 purchase of Maytag, manufactures a number of appliances for Sears under the Kenmore private label.