The most well-known home renovation retailer in North America is Home Depot. This is hardly a surprise when you look at their great selection, competitive prices, and fantastic customer service. In fact, many consumers consider Home Depot their first stop whenever they’re getting ready to do some major remodelling. So what are the biggest Home Depot similar companies?
Home Depot: The Largest Home Improvement Retailer
Home Depot Inc. (H.D.) is a Fortune global 500 firm with 2,278 retail locations across Canada, the United States, and Mexico. The company also serves customers online and offers an array of additional products and services. Including limited lifetime warranties, home delivery, installation services, tools, and storage solutions.
Home Depot was founded on April 1, 1979, by Bernie Marcus. Arthur Blank joined in later, in 1982 when the first store was opened in Atlanta. The two founders were childhood friends from Brooklyn who had worked together at Handy Dan Hardware before starting their own business.
In May 2007, Home Depot announced it would acquire Hughes Supply Co. A leading distributor to dealers in the professional renovation market based in San Diego, California. Around February 2008, Home Depot acquired DoNanza Home Centers in Mexico for $61 million-plus inventory. To expand its presence and leverage its existing infrastructure.
The following year in May 2008, Home Depot announced plans to build a distribution centre in Monterrey, Mexico, with space for 1 million SKUs that would serve both U.S.-based stores and Mexican stores. Starting up over the next few years under an exclusive partnership with Elektra-Cementos de Chihuahua SAB de CV.
Home Depot’s yearly gross revenue in 2022 was $16.433 billion, up 27.72 per cent over the previous year. The yearly total revenue in 2021 was $12.866 billion, up 14.45 per cent over the previous year. Home Depot’s yearly net earnings in 2020 were $11.242 billion, up 1.09 per cent over the previous year.
The 7 Biggest Home Depot Similar Companies
Home Depot is a chain of home improvement centres which sells tools, construction materials, and other related items. The company also provides installation services for many items sold in its stores. Bernard Marcus and Arthur Blank owned the company in 1978. Since then, the company has grown to over 2,200 stores worldwide, making it the largest home improvement retailer in North America.
With so many big-box retailers popping up all across the country, it can be hard to find one that fits your needs perfectly. With all these possibilities, you might be questioning who the closest rivals to Home Depot are. Following are a few of our favourite tracks:
Lowes Companies Inc
Lowe’s Companies Inc. is a hardware, maintenance, and supply retailer based in the United States. It has 1,950 retail outlets in the United States and 130 in Canada. It also carries major appliances, which it has long sold under the “Kenmore” name.
The company’s first store was located in a former grocery store at 1525 South Main Street in downtown Wilkesboro, North Carolina. In 1947, Lowe opened his second store on King Street in downtown Charlotte; this store is still operating as a Lowe’s Home Improvement Warehouse today. In 1952 Richard Lowe became an employee of Lowes and left his father’s store to devote his time to its management.
As of January 2019, Lowe’s operated 2,440 stores across 49 states with 291,000 employees and revenues of $89 billion; this compares to 1,917 stores with approximately 296,000 employees and revenues of $82 billion for its competitor Home Depot. The corporation started in February 2015 that it would relocate its corporate offices from Mooresville to Westwood.
Lowe’s total revenue for the fiscal year ended January 31, 2022, was $8.409B, representing a 44.71 per cent rise year over year. Lowe’s yearly gross revenue in 2022 was $8.409B, a 44.71 per cent rise over the past year. The yearly profit for 2021 was $5.811B, a 36.15 per cent growth over the previous year.
Ppg Industries Inc
Next up on the list is PPG. PPG Industries Inc is among the nation’s biggest acrylic and chemicals companies. The company operates in Pittsburgh, Pennsylvania, the USA, since 1883. Ppg Industries Inc is Home Depot’s top competition.
The head office of PPG Industries is in Pittsburgh, Pennsylvania. It has approximately 50,000 employees worldwide committed to making the world a better place through color, coatings, and materials science. The company also offers products used in residential, commercial, and industrial applications, including construction and renovation projects.
In 2018, Ppg reported revenues of $15.5 billion with a net income of $1.7 billion, representing an increase of 4% over 2017’s figures but a decrease of 3% compared to 2016’s results. PPG Industries’ total revenue this year ended March 31, 2022, was $1.554 billion, down 13.62 per cent from last year.
U.S. Concrete Inc
U.S. Concrete Inc is a publically traded company that operates in the ready-mix concrete industry. The company was put in place in 1992, and it has its native centre in Atlanta, Georgia.
U.S. Concrete Inc is the largest ready-mix concrete producer in North America, with 523 plants throughout the United States and Canada. It is believed that U.S. Concrete Inc is the biggest competitor of Home Depot because both provide similar products and services to their customers.
In addition to its ready-mix concrete business, U.S. Concrete Inc provides a range of other products and services. Such as asphalt mixture, precast concrete products, crushed stone products. As well as sand and gravel products, cementitious materials, and related services.
U.S. Concrete Inc has about 1,000 locations and generates about $5 billion in revenue. It’s also one of the largest ready-mix concrete manufacturers in the United States and has been around since 1907, founded in Seattle, Washington, by William Merrill Hunt.
U.S. Concrete’s revenues have grown from $2 billion in 2009 to $4 billion in 2014, while Home Depot’s revenues have grown from $73 billion in 2009 to $100 billion in 2014. The total revenue of U.S. Concrete Inc. will be $1.4 billion in 2022.
The United States Lime & Minerals Inc
The list wouldn’t be complete without this one. It is believed that the United States Lime & Minerals Inc is the biggest competitor of Home Depot and Lowe’s. Their products are much cheaper than the competition, and their prices are lower than the competition.
They have a very big network of distribution centres, making it easier for them to deliver products faster than other companies. The company has more than 3500 employees, most of whom work in their warehouses and distribution centres. The remaining of their personnel function at their many offices around the world.
The United States Lime & Minerals Inc has provided high-quality products at affordable prices for more than 40 years. They have maintained its reputation as one of the best companies in this industry.
The company made $3,838 million in sales in the financial year ending on January 31, 2016. It earned $85 million in income profits for the financial year ended on January 31, 2016. The company’s revenue came in at $0.198billion in 2022.
Compass Minerals International Inc
Compass Minerals International Inc (CMP) is a leading producer of high-quality building materials, including cement, gypsum wallboard, and related products. The Company’s products are used in residential and commercial construction projects and infrastructure projects such as highways, bridges, and other transportation facilities.
The company was founded in 1919 by Frank W. Kidder and Philip A. Sargent, who began mining deposits of rock salt near Cleveland, Ohio. In 1924, they incorporated their company as The Mosaic Company, with capital raised at $100,000.Compass Minerals expects total revenue of $300 million to $340 million in Fiscal 2022.
Martin Marietta Materials Inc
Martin Marietta Materials Inc is a construction material main office manufacturer in Denver, Colorado. Its industry is Construction Materials. Its competitors are Home Depot Inc (H.D.), Vulcan Materials Company (VMC), and U.S. Concrete Inc (USCR).
Martin Marietta Materials Inc was established in 1999, with its headquarters being located in North Carolina. The company was created by combining two companies, one being Martin Marietta Corp and the other being Vulcan Materials Company Inc. These two companies had been doing business separately for years before merging together to form the new company known as Martin Marietta Materials Inc.
The company has grown over time, which means that it now employs more than 30,000 people across its various locations spread across 30 states in America. It also owns a fleet of trucks used for transporting its products from one place to another around the country.
The company has provided quality service at an affordable price for many years now. This has made it very popular among customers who have bought from them before or are planning on doing so shortly.
In the fiscal year 2015, Martin Marietta Materials Inc generated $8 billion in sales with an annual growth rate estimated at 10% for the next five years. It is ranked #1053 on the Fortune 1000 list, with approximately 11,500 employees worldwide as of December 31, 2014. Martin Marietta Materials’ total revenue for the year ended March 31, 2022, was $0.659 billion, down 13.39 per cent from the previous year.
Vulcan Materials Company
The leading supplier of development materials in North America is Vulcan Materials Company. The company’s operations include more than 160 aggregate quarries, 19 concrete plants, over 1,100 ready-mixed concrete facilities, and an exclusive network of nearly 300 distribution terminals. The company has approximately 6,000 employees.
The company produces and distributes building materials for residential, commercial, and infrastructure customers throughout North America. In addition, Vulcan Materials Company owns and operates a fleet of more than 400 trucks used to deliver products to customers’ job sites.
The total revenue of Vulcan Materials for the three months ended March 31, 2022, was $0.092 billion, down 42.84 per cent over last year. Vulcan Materials’ gross revenue for the year ended March 31, 2022, was $0.602 billion, down 12.1 per cent year over year. In 2021, Vulcan Materials’ earnings were $0.671 billion, up 14.76 per cent from the previous year.
What distinguishes Home Depot from its rivals?
Home Depot is looking at alternatives to those of its competitors. Home Depot deliberately directs customers from its existing sites to its online alternatives rather than developing a standalone digital footprint and purchasing the app to augment its retail.
The company’s new strategy comes from a couple of years’ worth of research on how consumers shop in the digital age. That research is what the company calls “omnichannel retailing.” In essence, omnichannel retailing means that retailers need to think about how they can connect their physical stores with their online options. For Home Depot, this has meant rolling out new ways for customers to shop online while in the store — and vice versa.
The company has invested heavily in digital initiatives over the past year, including an overhaul of its mobile app and a new online shopping experience in October. The goal is to make it easier for customers to shop from any smartphone or laptop device and keep them coming back for more visits.
Bottom Line
The Home Depot is a great place to find a wide variety of home improvement supplies and equipment. Look forward to the opportunity to learn more about Home Depot’s competitors. We are glad you enjoyed it both helpful and beneficial. We appreciate your valuable support, and we welcome suggestions on ways to improve our analyses.
