Home Depot Planning to Expand to China
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Home Depot Inc. is expanding into China with the hope of becoming the largest home improvement store chain in Asia, company executives said.
The Atlanta-based retailer declined to say how many stores it planned for China or when its first store there would open, but it named Bill E. Patterson to the new position of Home Depot president for Asia.
China offers Home Depot a chance to tap into a nearly $50-billion home improvement market. The market there is fragmented, with several players with only a few dozen stores each.
Shares of Home Depot rose 51 cents to $35.84 on the New York Stock Exchange.
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