ATLANTA, Aug. 27 /PRNewswire/ -- The Home Depot (NYSE: HD), the world's largest home improvement retailer, today announced the opening of its first South American store in Santiago, Chile. This is the company's first store outside of North America. A second store in Chile will open in November.
"This is an exciting and important day for The Home Depot," said Arthur M. Blank, President and CEO. "The company is pleased to be taking its first steps toward long-term global growth with the opening of The Home Depot in Santiago, even as we continue to expand our market share in the United States."
In addition to the two Chilean stores opening in fiscal 1998, the company recently announced plans for further growth within its South American division. Three additional stores will open in Chile in fiscal 1999, and its first store in Buenos Aires, Argentina will open in the fourth quarter of fiscal 1999.
Since announcing the company's plans for Santiago in early 1997, and in keeping with the company's philosophy of supporting local industries, The Home Depot has worked extensively on developing a strong South American vendor base. The new Santiago store will stock a variety of merchandise from local vendors and suppliers.
The company also has invested thousands of hours of intensive training in its key management team members, comprised of both Chilean nationals and seasoned Home Depot expatriate managers from the United States.
The South American division is headed by Bill Pena, Regional President for Argentina and Chile. Mr. Pena joined The Home Depot in 1994 and has 25 years of experience in home improvement retailing. He has been deeply involved in all aspects of international initiatives for The Home Depot. Mr. Pena also is the Chairman of the Board of Home Depot's joint venture with Falabella in Chile.
Other key members of the South American management team include Julio Campos, General Manager of Chile, and Nelson Tirado, Regional Vice President of Operations for Argentina.
These managers have spent many weeks training all associates for the new Santiago store. The new associates will maintain the company's successful formula of exceptional customer service, everyday low prices and broad merchandise selection.
Home Depot's entry into the Chilean market was facilitated by a joint venture with Falabella, a leading department store retailer in Chile. The alliance with Falabella has enhanced Home Depot's presence in the market by offering attractive real estate opportunities, credit card services and assistance with systems and distribution logistics.
Founded in 1978, Atlanta-based Home Depot currently operates 690 stores. For five consecutive years, the company has been named "America's Most Admired Specialty Retailer" by Fortune magazine. Its stock is publicly traded and is included in the Standard Poor's 500 Index.
SOURCE The Home Depot
-0- 08/27/98
/CONTACT: Jerry Shields, The Home Depot, 770-384-2741/
/Web site: http://www.homedepot.com/
(HD)
CO: Home Depot ST: Georgia, Chile IN: REA SU:
MR -- ATTH011 -- 2672 08/27/98 10:38 EDT http://www.prnewswire.com
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