Industry Headlines

Monday, February 8, 2010

LOWE'S EXPANDS TO MEXICO

MONTERREY, Mexico – Lowe’s Companies, Inc. announced the opening of the first stores in Monterrey, Mexico as part of its international growth strategy. “We are very proud of the work that has taken place to prepare our two new stores to serve customers in Monterrey and the surrounding communities”

Lowe’s Linda Vista and Lowe’s Sendero opened to customers on Feb. 8 with a board-cutting ceremony," said Francisco Fernandez, director general of Lowe’s Mexico.

Lowe's Mexico has invested approximately $18 million to $20 million in each store. Approximately 430 persons have been hired to operate the two stores and the company’s offices in Monterrey.

Each store offers a sales area of approximately 110,000 square feet including a special drive-through building materials yard, a garden center and a fully staffed, full-service hardware desk.

Since the announcement of growth plans for Mexico in 2007, Lowe’s has opened an office staffed with people who manage Lowe’s market entry into Mexico as well as ongoing operations to best serve the unique needs of Mexican consumers.

The store openings in Mexico continue Lowe’s long-term growth strategy. The company first expanded internationally with the opening of stores in Toronto, Ontario, in 2007, and now operates 16 stores in Canada.