The Home Depot Inc (HD), the world’s largest home improvement specialty retailer, has recently announced a deal with Martha Stewart Living Omnimedia Inc (MSO), a diversified media and merchandising company, to create a new product line of home improvement products.

The strategic move is aimed at getting a leg up on rival companies like Lowe Companies Inc (LOW), a leading chain of retail home improvement and appliance stores. The new product line will primarily feature outdoor living, home organization, and home decor items.

The outdoor living products are scheduled to hit the shelves in Jan. 2010 in the U.S. and in Feb. 2010 in Canada. Home organization products are expected to be launched in Feb. 2010 across the globe. Martha Stewart intends to promote the products through diverse marketing channels including its magazine, TV show, and web portal like Twitter – a free social networking and micro-blogging website.

Home Depot offers a diverse range of branded and proprietary home improvement items, building materials, lawn and garden products, and related services. Based on net sales of $71.3 billion in fiscal 2008, Home Depot is the second-largest retailer in the U.S. and the fifth largest retailer in the globe.

The home improvement industry has deteriorated drastically due to the overall decline in the housing industry. Furthermore, with increasing unemployment and foreclosures due to the continued economic downturn, the demand for home improvement products and services is currently on the wane. With the recent tie-up, both Home Depot and Martha Stewart expect to revive their sagging sales, which augurs well for the overall industry.

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