Toronto, Ontario, April 6, 2006--Home Depot Inc. plans to open 18 new stores and hire 2,200 people in Canada before the end of the year, the company said on Wednesday, as it gears up before rival Lowe's Cos. enters the Canadian market.
Home Depot, which is already the dominant player in Canada's home improvement retail business with 138 stores, said it will spend C$450 million ($388 million) to finance the expansion.
Lowe's has said it plans to open six to 10 stores in the Toronto area next year. The second-largest U.S. home improvement retailer sees potential for as many as 100 stores in Canada in the long term.
Home Depot's main competitors in Canada includes Boucherville, Quebec-based Rona Inc. (RON.TO: Quote, Profile, Research), which has a network of about 600 stores ranging from community outlets to big box stores.
