The Garden Project- Home Depot

Home Depot’s main business is retail of home improvement products in the United States. They offer flooring products, lumber, tools, kitchen and bath, tools, paints, plumbing, building materials, hardware, decor, millwork, appliances, electrical, lighting products, indoor garden, and outdoor garden. The value Home Depot offers customers is a large selection of various home improvement products that vary in price and quality along with a well-staffed team of qualified and knowledgeable staff (Home…2024).

The company is profitable and has been for many years. In fact, in 2023, the reported revenue was $59,533 million, 8.3% higher than the previously successful year earning $54,990 million (Home…2024).

The SWOT analysis revealed the company’s strengths to be its multi-channel sales, its multiple categories, and its financial performance. Focusing on multiple categories to create a new segment of business, I believe creating the Garden Project will be a successful enterprise for Home Depot to employ. The Garden Project is similar to Home Depot’s kitchen cabinet building process. Just like they have a team of associates to help you design the perfect kitchen cabinets and layout for your home, the associates for the Garden Project will help you plan your entire garden. The landscapers can come to your house, till the area, add fertilizer, even plant the seeds if the customer prefers. Or, if the customer is more hands on, the associates could just help them map out the best spot on their property to plant their garden, guide them in which plants/ produce will grow best in that climate, and give the best advice for the most successful odds of growing a successful garden. The idea is for the experience to be as hands-on or hands-off as the customer wants. As far as I’m aware, there isn’t another service out there that can help you accurately plan a produce or flower garden. It is quite a task that is much harder than people realize until they actually get started, and I think there’s definitely a need for it in the market (Home…2024).

I think this service is unique because there is so much information online and in print about how to successfully grow a garden, but so much of it is trial, error, and experience. The honest-to-god best way to grow anything is through time and knowledge. With a staff of dedicated individuals that are dedicated to the specific skill of gardening and helping others achieve this skill, I believe that this service will not only thrive but attract those who are interested in gardening and wish to share the knowledge that they have learned over a period of time (Home…2024).

This service will improve profitability because Home Depot’s biggest competitors do not have anything like this. While Lowe’s may have a gardening department, they don’t have a dedicated team to come to your home, inspect your land, determine which vegetables, herbs, or flowers would grow best, and provide you with all the necessary materials and instructions to successfully achieve results. This would be a stand-out asset for Home Depot that would boost our market position if we were able to implement this new service (Home…2024).

The Home Depot Inc. (2024). Retrieved from https://advantage.marketline.com/