Home Depot, one of the world’s largest building supply retail chains, is considering opening an outlet in the Virgin Islands, and that could be good news for prospective homeowners.
The company has been scouting available properties on St. Thomas, according to local Realtor John Foster. A company source also confirmed Home Depot is interested in setting up shop on the island.
Foster said the company needs about seven acres of land for the warehouse-style store and sufficient parking area. Home Depot representatives have looked at several sites on the island.
If and when Home Depot does begin doing business on St. Thomas, Foster predicted a sharp rise in real estate activity. He believes the chain will be able to undersell the competition enough to bring down the cost of construction by about 20 percent, making homeownership a possibility for more residents.
A St. Thomas store, he said, would service other Caribbean islands as well.
Founded in 1978, Home Depot operates 900 stores in the U.S., Canada, Puerto Rico and Chile. It was voted America’s Most Admired Specialty Retailer by Fortune Magazine for six consecutive years.
The company also has developed a reputation for community service, contributing materials and other resources to such organizations as Habitat for Humanity and YouthBuild, as well as helping communities rebuild after disasters.