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ATLANTA -- The Home Depot, the world's largest home improvement retailer, will make a new home in the convenience store industry, by opening four fuel station/convenience stores in the first half of 2006, and possibly 300 by 2010. The chain revealed plans for the new concept, called Fuel, last week at the company's annual meeting with investors.
"Over the next five years, The Home Depot expects to maintain and grow its leadership position in home improvement retail worldwide," chairman, president, and c.e.o. Bob Nardelli said at the meeting. "At the same time, we expect to become the nation's largest diversified wholesale distributor, become number one in services, and will dramatically increase our direct-to-consumer channels."
The pilot convenience stores will be 3,000 square feet and will contain 14 fueling stations, executives said during the meeting. The stores are expected to achieve annual sales of $5 million to $7 million.