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Home Depot Announces $1.3 Billion Investment To Expand In Mexico
(MENAFN- The Rio Times) Home Depot will invest $1.3 billion in Mexico over the next three years to expand its operations and strengthen local supply chains.
José Antonio Rodríguez Garza, President and CEO of Home Depot Mexico, announced the plan during President Claudia Sheinbaum's morning press conference at the National Palace.
The company aims to open five new stores annually, increasing its locations from 140 to 165 by 2028. This expansion will create 2,000 direct jobs, pushing Home Depot's workforce in Mexico from 18,000 to over 20,000 employees.
Rodríguez noted that for every direct job created by the company, four additional jobs emerge in related sectors like logistics and construction. Currently, 85% of Home Depot's products in Mexico are sourced from local suppliers.
The company plans to achieve 100% domestic sourcing by 2028, aligning with Sheinbaum's "Plan México," a national strategy focused on regional development and job creation.
Home Depot's Strategic Investment in Mexico
Rodríguez highlighted the quality and innovation of Mexican-made products, which serve both local and international markets. President Sheinbaum praised the investmen as a model for how foreign companies can support Mexico's economic goals while creating well-paying jobs.
Ximena Escobedo, head of the Ministry of Economy's Productive Development Unit, emphasized that this investment strengthens supply chains. It also contributes to Plan México's objectives.
The investment also includes technological upgrades and sustainability initiatives. Home Depot will enhance its online platform, which attracts over 250 million visits annually.
Additionally, the company plans to expand logistics centers in Tijuana and Cancún. The company plans to increase renewable energy use across its stores and offer more eco-friendly products.
Having entered the Mexican market in 2001, Home Depot has grown into a leader in the country's $15 billion home improvement sector. This investment underscores its confidence in Mexico's economic potential while reinforcing its role as a key contributor to local growth.
José Antonio Rodríguez Garza, President and CEO of Home Depot Mexico, announced the plan during President Claudia Sheinbaum's morning press conference at the National Palace.
The company aims to open five new stores annually, increasing its locations from 140 to 165 by 2028. This expansion will create 2,000 direct jobs, pushing Home Depot's workforce in Mexico from 18,000 to over 20,000 employees.
Rodríguez noted that for every direct job created by the company, four additional jobs emerge in related sectors like logistics and construction. Currently, 85% of Home Depot's products in Mexico are sourced from local suppliers.
The company plans to achieve 100% domestic sourcing by 2028, aligning with Sheinbaum's "Plan México," a national strategy focused on regional development and job creation.
Home Depot's Strategic Investment in Mexico
Rodríguez highlighted the quality and innovation of Mexican-made products, which serve both local and international markets. President Sheinbaum praised the investmen as a model for how foreign companies can support Mexico's economic goals while creating well-paying jobs.
Ximena Escobedo, head of the Ministry of Economy's Productive Development Unit, emphasized that this investment strengthens supply chains. It also contributes to Plan México's objectives.
The investment also includes technological upgrades and sustainability initiatives. Home Depot will enhance its online platform, which attracts over 250 million visits annually.
Additionally, the company plans to expand logistics centers in Tijuana and Cancún. The company plans to increase renewable energy use across its stores and offer more eco-friendly products.
Having entered the Mexican market in 2001, Home Depot has grown into a leader in the country's $15 billion home improvement sector. This investment underscores its confidence in Mexico's economic potential while reinforcing its role as a key contributor to local growth.
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