Home Depot builds on its 15 years with ad agency

After a review of more than a dozen ad agencies, Home Depot has chosen to keep Dallas-based the Richards Group as its agency of record. Frank Bifulco, the Atlanta-based company’s new chief marketing officer, said he received “dozens of inquiries from most of the world’s top advertising agencies.”

From 20 firms, four finalists were selected to compete for the business. Agency search firm Select Resources International helped narrow the field. The Richards Group has been Home Depot’s ad agency for more than 15 years.

The No. 1 home improvement retailer spent $1.2 billion on its advertising and marketing budget in 2007, according to a Home Depot financial report. The company has been frank about losing market share to its rival Mooresville, N.C.-based Lowe’s and independent retailers such as Ace Hardware.

Home Depot has begun an ad campaign touting its bargains, after slashing prices on more than 1,000 products.