Home Depot is working to stay ahead of the retail curve. At its investor meeting on Wednesday, the home supplies company said it would roughly double its investment in the next three fiscal years to nearly $11.1 billion to expand its store and e-commerce businesses. Fortune reports the new budget will help cover items like faster checkout for customers, flexible spending scheduling and competitive wages for store workers, turning over merchandise more quickly to keep things fresh, and making its supply chain even more efficient. While Home Depot has had a successful 2017, with an estimated $100.6 billion in sales, CEO Craig Menear told Fortune it's preparing for a changing retail environment.
Total Retail's Take: Home Depot is reinvesting in its business to keep the momentum going, as evidenced in the chart above. 2017 has proven to be a year of constant change for retail. Many retailers have made significant investments to grow their digital businesses, not only to expand their own omnichannel capabilities but also to better compete with e-commerce leader Amazon.com. Much of this latest investment for Home Depot is being allocated to help build its digital presence, both in-store and online.
“The front door of our store is no longer at the front door; it’s in the customer's home, in their pocket, on the job site,” Menear said.