I think it has to do with customer service. Lowe’s is much better.
I have a HD 2 miles to the east of me and another one about 3 miles to the west of me. Right in the middle and real close is a Lowes.
Service at the Lowes is far inferior to either of the HD's and what I can't find at Lowes I will find at Home Depot.
My store of choice is now Home Depot......
I suspect that the reason they are closing stores is because they have literally saturated the communities with them........
I have to agree with your saturation assessment. Seems like a Lowes will break ground and HD will make an announcement of their new store about a block away.
Here at Lake of the Ozarks, the home building boom is still strong and I would be surprised if HD closes their store. There are times when I visit HD and there is no one in the store and only one checker.