May 01 2008
Home Depot closing 2 New Jersey Locations
The Star-Ledger Continuous News Desk just reported that Home Depot will close 2 NJ locations.
The Home Depot Inc. today announced that it will shutter 15 of its locations nationwide, including stores in East Brunswick and Saddle Brook.
When enterprise level organizations like Home Depot feel the economic crunch the small business owner must take notice. Preparation and planning is key to protect our businesses. Activities such as expense management, creative marketing, and sound business planning is critical to manage your business through a difficult economy.
“Planning without action is futile, action without planning is fatal.” - Unknown
I manage a small business in NJ and I know exactly what you are talking about. “planning without action is futile, action without planning is fata.” On more than one occasion we have had to look ahead a month just to plan for tomorrow. The economy is so unstable right now and just the leaking of a new story can cause a stock to crash. That quote says it all. But if you can make it in this market you can make it in any…good luck to all
-Tom
Thomas-
Having a sound business plan is critical. The challenge becomes how to keep the short term action plan in line with the long term strategy and goals.
Best Wishes!
In order to fully understand the impact of these closings, one must consider that Home Depot has over 2000 locations so we are discussing a fairly small portion of it’s business. Second, it was also be pertinent to know how many they are OPENING for 2008.
In a quick search, I found 30 Grand Openings they are hiring for just in the summer months of 2008. How many they have planned for the year, I dunno.
Even if 30 represents the bulk of the openings (it would make sense due to their seasonal nature), it would more than offset the 15 closings.
There are not many retail operations that have over 2000 locations but suffice to say, cutting a bit of dead weight during periods of slow(er) economic growth makes perfect, healthy, sense.
They probably welcomed the opportunity to more clearly gauge their numbers.
1. Always make sure your metrics give you a clear picture.
2. All business is not good business.
Just a thought.
Alex