MONTERREY, Mexico--(BUSINESS WIRE)--Lowe’s Companies, Inc. (NYSE:LOW), the world´s second-largest home improvement retailer, announced today the opening of the first stores in Monterrey, Mexico as part of its international growth strategy.
Lowe’s Linda Vista and Lowe’s Sendero open to customers on February 8. Grand opening festivities including a board cutting ceremony are being scheduled.
Lowe´s Mexico has invested approximately $18 million to $20 million (USD) 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.
“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,” said Francisco Fernandez, director general of Lowe’s Mexico.
“We are confident that Lowe’s brand of home improvement—with both construction materials and home décor products together under one roof—will appeal to both homeowners and contractors who are looking for convenience, outstanding customer service and a superior shopping environment,” continued Fernandez.
Fernandez joined Lowe’s in 2002 and has more than 19 years of experience in the home improvement industry.
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.
With fiscal year 2008 sales of $48.2 billion, Lowe’s Companies, Inc. is a FORTUNE® 50 company that serves approximately 14 million customers a week at more than 1,700 home improvement stores in North America. Founded in 1946 and based in Mooresville, N.C., U.S.A., Lowe’s is the second-largest home improvement retailer in the world.