Home Depot Inc (NYSE:HD) reported a loss of $1.4 million because of thefts caused by opioid abuse. According to Home Depot, the retail space is losing a lot because of the abuse of fentanyl and heroin in the US. The loss resulting from the opioid crisis and fraud amounts to $50.6 billion in 2019.
$15.5 worth goods stolen
Multiple retailers, who shared a warehouse, have said $15.5 worth goods are stolen. Home Depot’s loss in this theft is estimated at $1.4 million. As a result, its operating profits are expected to decline to 14% in 2020.
1.7 million Americans suffer from substance abuse
It is estimated that around 1.7 million people in the US suffer from substance abuse (resulting from prescription opioid pain relievers) in 2017. According to the estimates, around 652,000 people in the US suffered from heroin abuse in 2017.
Introduces design center concept in Montrose
Home Depot plans to introduce the design center concept in Montrose Crossing Shopping Center. It is the first store in Washington and only one outside California. Federal Realty Investment Trust, an owner of Montrose Crossing, has applied for the permit to build a Home Depot Design Center in Rockville Pike.
It allows the customers to redesign their own space in the kitchen and bath showroom with the help of project management and design specialists of Home Depot. The design center will be built on approximately 36,000 Sq. Ft. in the two-story building. President (Eastern Division) of Federal Realty, Wendy Seher, said the company aims to bring the market design center concept of Home Depot to Rockville.
Wendy said its storied properties at Montrose Crossing will continue to evolve to meet the desires and changing needs of customers. The design center concept of Home Depot is a perfect fit for its existing offerings. It will comprise multiple rooms for conferences and a prep kitchen. The customers can meet the designers at this place to remodel or design their bathroom or kitchen. They will enjoy a separate bathroom and kitchen experience.
Home Depot also maintains a design center in San Diego. But, it has shut down some design centers in California, Texas, and North Carolina.