Home Depot (Mexico) officially opened its 9th store in the State of Mexico on June 24, 2008, as reported in El Financiero today.  Led by President and Managing Director Ricardo Saldívar Escajadillo, the report said that Home Depot Mexico currently has a presence in 44 Mexican markets and plans to open 10 additional Mexican stores in 2008, giving the home improvement retailer 75 stores country-wide.  Last year, according to the report, the company enjoyed in excess of 10% year-on-year revenue growth of its Mexican operations.

Mexico’s tremendous housing deficit – estimated by the Mexican government to be in excess of 5 million housing units – is likely a significant contributing factor to Home Depot’s success in the country.   

The wonderful opportunities for home improvement retailers in Mexico did not become apparent to Lowe’s, which is Home Depot’s principal U.S. competitor, until January 2007, when it finally announced plans to open its first stores in Mexico (3 to 5 stores in the Monterrey area) by 2009.  Lowe’s-Mexico is lead by vice president Francisco Fernández, who joined Lowe’s-Mexico after seven years with Total HOME (Grupo Alfa).  Total HOME, which operated a 4-store chain of home improvement stores, was acquired by Home Depot Mexico in 2001.