Release date: May 3, 2022
Today we’re speaking with Jim Inglis, a 60-year home center industry veteran, executive and author. In this episode, we explore the story of how The Home Depot grew from its first few stores in 1979 to become the largest home improvement retailer in the world. Jim shares insights about how the Bleeding Orange Culture practices of empowering teams, delighting customers and embracing change led to The Home Depot’s success.
IN THIS EPISODE:
- [03:00] What was the market opportunity in the home center space and why was this market ready for The Home Depot?
- [05:20] Why were the founders so critical to The Home Depot’s success?
- [09:15] What were the challenges on the cultural and systems integration sides?
- [13:00] [13:15] How did the “everyday low-price” approach work, and why was it not sustainable for competitors?
- [20:00] How was The Home Depot’s merchant team’s approach different, and why was it so successful?
- [18:00] There was a CEO change that brought some major financial and cultural impacts. How was The Home Depot able to handle this?
- [23:10] What are some other reasons for The Home Depot’s success?
KEY TAKEAWAYS:
- In 1980, The Home Depot revolutionized the market by opening big box stores, bringing economies of scale and better pricing to the home improvement segment.
- The founders created a customer-centric culture and their mantra was, “We will give our customers no reason ever to shop elsewhere.” Although those founders had very different viewpoints on the business, the combination was magic.
- Companies should empower their associates so they can take responsibility and ownership. If companies can build a mission-driven culture, associates will take that ownership.
- Bleeding Orange Culture was built on decentralization and delegation.
- Company culture determines the response to change, and culture is essential to the success of a business.
LINKS MENTIONED:
Breakthrough Retailing www.breakthroughretailing.com
BIO:
Author of How a Bleeding Orange Culture Can Change Everything! Jim Inglis has more than 50 years of experience in the home improvement retail segment. He served in executive positions with The Home Depot for 13 years and has served on the board of several retail-related associations and businesses. Since founding Inglis Retailing in 1998, Jim has advised leading home improvement retailers worldwide. In 2015, he was honored with a Lifetime Achievement Award from the Global Home Improvement Network and the European DIY Retail Association.
