Home Depot Enters Manhattan

Home Depot, Inc. plans to open its first store in Manhattan next summer, expanding the home improvement retailer’s reach into lucrative inner-city markets.

The Manhattan store, featuring two levels and a mezzanine, will open in the Chelsea, N.Y., neighborhood near a variety of other chain stores. The company is also eyeing other Manhattan spots for future stores.

Home Depot has been testing alternative formats, including landscape and urban stores, to reach new customers. These new ventures are an attempt to compete with efforts of the worldwide retailer’s rival – Lowe’s Cos. Inc. Lowe’s plans to add more than 60 store in the greater New York area in coming years.