According to the article, Chinese customers are less likely to be interested in do-it-yourself (DIY) home improvements (since many workers are migrant workers). But, reasons don't matter. Chinese consumers aren't just that into DIY.
According to Home Depot:
"Closing stores is always a difficult decision," said chairman & CEO, The Home Depot. "We are thankful for the dedicated service of our store associates in China, and we wish them all the best during this transition."My favorite part is the last paragraph. "Our new approach leverages that experience..." Where I come from, they call that "learning from your mistakes." But, I do loathe and despise business buzzwords.
While it is closing its big box stores, The Home Depot is maintaining a new formats team to continue research and development activities. In addition, the Company is maintaining two recently-opened specialty stores - a paint and flooring store and a Home Decorators Collection store, both located in - and is in the beginning stages of developing relationships with several of China's leading e-commerce websites, a combination which the Company believes is more tailored to Chinese customers' needs and shopping preferences.
"We've learned a great deal over the last six years in China, and our new approach leverages that experience and reflects our continuing interest in providing value to Chinese customers, as well as our shareholders," said Blake.
That is all for today.
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