The company isn't saying how much it paid for the site and the information was not otherwise immediately available. The company does, however, say that the average cost of developing a new store is $14.9 million per location, including land costs. In addition, each new store requires approximately $3.5 million to finance inventories, net of vendor financing.
The acquisition by Home Depot means it will have another chance to build in Beaverton. In April, plans for a downtown store on property the company has optioned were shot down by the City's planning commission. The new project includes plans to rebuild a Chuck-E-Cheese restaurant currently operating on the Montgomery Ward property.
Home depot opened 118 new stores in the first half of 2001 -- compared to 81 stores opened during the first half of 2000 -- and plans to open a total of 200 new stores by the end of the year. Approximately 92% of these locations will be owned, and the remainder will be leased.
Ward's declared bankruptcy back in March and began liquidating locations, including the four it owned in the Portland area. The Jantzen Beach and Mall 205 locations were acquired by Target, and the Clackamas Town Center location is being taken over by Meier & Frank.
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