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Home Depot looks to succeed in Detroit where Kmart didn't.(News)(Home Depot looking to open store on Seven Mile Road and Meyers)
Crain's Detroit Business, April, 2003
Byline: Brent Snavely Home Depot Inc. is hoping to make a profit at a store in Detroit at Seven Mile Road and Meyers even though Kmart Corp. failed to do so. The Detroit Kmart store meets Home Depot's site criteria, said John Simley, public-relations manager for operations. ``We're looking for a concentration of population, we are looking for good housing stock, a high proportion of home ownership, a community that is in good condition,'' Simley said, ``And all of those things lead us to attractive markets.'' Home Depot, Wal-Mart Stores Inc.
and Kohl's Corp. agreed to pay Kmart $84 million for 23 unexpired leases and four stores owned by Kmart, according to a purchase agreement filed April 11 with U.S. Bankruptcy Court in Chicago. Bankruptcy Judge Susan...
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