My credit card company has just recently send new cards with the microchip.
Now I have seen the chip reader on 80% of the card readers I have seen.
And only Wal-mart has it implemented and working. Target has the new reader, but it isn't implemented.
It probably IS implemented, it's just waiting on the processor to actually flip the switch to enable the chip reader.
It's a bit more involved than just swapping out old hardware with new hardware - the whole operation of chip+pin is completely different. And it's different enough that POS systems that integrate in credit and debit processing software MUST change as well.
Presumably, Home Depot and Target are busy rewriting their charge card processing software to handle the new format - but in the mean time, they can certainly have the hardware down and ready for it. Then there's retraining as well - because when doing stuff like returns and such, often because the POS machine stores the card, it can reverse the charge without the user doing anything more than signing the slip. But chip+pin can't do that, so the system needs to ensure that it can send the refund request properly to the machine and the customer service folks need to be trained to tell the user to insert their card. (And no, it won't accept any card, it generally must be a card on the same account, so if you made a purchase specially on Visa and forget it, you can be stumped when the normal MasterCard you use fails).
The hardware's just the basic part. It's the whole POS integration's that the difficult part. Wal-Mart has it easier because they're always tweaking stuff and policies so they've probably live-beta'd the new changes all the time.
In fact, the retailers most likely to have the new machines working are the small ones, provided they upgrade (usually as part of equipment refreshing or broken replacements), since there's no integration.
Heck, my local comic store has an interesting charge machine - they had their old one replaced with the same model because it broke, then earlier this year, that got replaced with a brand new one with a bright shiny high-res LCD. That apparently is probably running the old software in an emulator because it provides all sorts of status information on the screen, but the actual credit card processing uses large pixelated letters that emulates the low-res old screen. No, it's not simply using a large font, it's actual pixelated text where you can see the individual dots rendered. (And you know it can go finer because the stuff around the emulated low-res LCD is in color and fine text).