Home Depot to Invest MX$2.8 Billion in Mexico Expansion

Home Depot has announced an investment plan of MX$2.86 billion to fuel its growth strategy in Mexico throughout 2024. This new investment will push the company's total investment in Mexico beyond MX$50 billion since its establishment in the country in 2001.

The investment plan supports Home Depot's expansion strategy, with aspirations to open 12 new stores in the coming years, bringing the total store count to 150 across Mexico. This expansion will enable Home Depot to enhance the in-store experience, including the introduction of self-checkout counters to streamline operations.

"We are very excited about the growth opportunities we see for 2024, having achieved growth in a year of moderation and significant challenges. This marks 22 consecutive years of growth in Mexico, thanks to the hard work, dedication, and commitment of all our associates, as well as the trust of our customers and suppliers," said José A. Rodríguez, President and CEO, Home Depot Mexico, in a press release.

A key focus for Home Depot in 2024 is to solidify its position as a leader in the home improvement industry. To achieve this goal, the company plans to expand its extensive catalog of over 40,000 products, the largest in Mexico.

Home Depot aims to enrich its Furniture and Decoration category by adding over 5,000 new products, catering to various areas of the home such as the living room, dining room, kitchen, bedrooms, and more. Similarly, the Pets category will see a tenfold increase in products and accessories to better serve this market segment.

The company also plans to integrate high-efficiency appliances and advanced air conditioners aimed at conserving energy and promoting environmental sustainability. Home Depot also plans to launch a new mobile application that features functionalities such as order tracking, voice and image search, and barcode recognition, all powered by artificial intelligence technology.