Home Depot To Set Up In China

By Agence France-Presse Home improvement retail giant Home Depot Inc. announced plans to expand into China, saying the country represents a "solid growth opportunity." The Atlanta-based company named Home Depot executive Bill Patterson to the newly created position of president of Home Depot Asia and said he would lead the effort to set up in China. The company cited studies showing that the Chinese home improvement market today is at nearly $50 billion and growing at a compounded rate of 20%. "About 70% of home improvement spending in China is for completion of interior space in new homes. We see that as a solid growth opportunity given the Home Depot's strength in merchandise and services geared to finishing out a home," said Patterson. Home Depot has 1,766 stores in the U.S., Canada and Mexico. Copyright Agence France-Presse, 2004