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Originally Posted by tkln
I'm assuming that the housing market slowdown is taking it's toll on Home Depot...less houses being built, less renovations = less money for HD...I'm actually surprised they aren't closing more in NY - I feel like there is one in every town on LI!
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I believe part of the pressure that HD is feeling is competition from Lowes. They are now building Lowes within very close proximity of other HD locations nationally. The new Lowes in Stony Brook, NY is maybe 2 miles at most from the Setauket, NY HD. There is no comparision in stores; HD is dank, dark, disorganized and poorly staffed while the Lowes is bright, well organized, well stocked, clean and well staffed. Both offer the same or similar products -- but given the comparison, where would people prefer shopping?
As for stores closing, Disney has taken back Disney Store from HOOP and is closing 98 locations.
As people have read in my earlier posts, I am not a big fan of the big box stores. Corporate decides based on the bottomline, and not on the welfare of a community. In recent months, my area has lost Linens and Things, might lose Disney Store and, if rumors are true, we all will be losing Old Navy. As people are laid off and they tighten their belts, they'll be spending less money on frivolous things -- and more specialty big box stores will close.
We all see that there aren't many decent paying jobs to be had out there and losing these retail jobs is only going to place more people on the unemployment line as they vie for the limited number of jobs that are still out there.