There are several competing chains in the hardware industry. One of these is Home Depot. The Home Depot has grown to become the world’s largest hardware store chain. Revenue in 2018 was $ 108.2 billion. The company focuses on providing quality products to meet consumer needs and wants. The company has developed an eCommerce site with more than one million products. Customers can also purchase home installation services at the store. Customers can also shop online to see what is available in a local Home Depot store.
Another home improvement retail chain is Ace Hardware. Ace is located in the countryside and offers better customer service than the big box chains. Ace has more than 5,000 locations in 70 countries, including Canada. As of 2020, the company expects revenues of $7.76 billion. In Canada, another company that competes with The Home Depot is Canadian Tire. The company is the second-largest hardware chain in Canada, and offers a broad range of home improvement and hardware products.
Other retail giants compete with Home Depot in the hardware and home improvement industry. Other competitors include building materials, consumer electronics, appliances, convenience stores, and truck stops. You should research the competition to find out which ones sell similar products at a lower price and which have the edge in customer service. Identifying the competition in these industries will help you better understand the strategy Home Depot has in place to compete in the market.