Company On Target To Open Stores in Monterrey in 2009 Fiscal Year
MONTERREY, MEXICO – Lowe’s Companies, Inc. announced today that Lowe’s-Mexico has broken ground on its first stores planned for Monterrey, Mexico. Two stores – Lowe’s of Linda Vista and Lowe’s of Sendero – are under construction and on target to open by the fourth quarter of the company’s 2009 fiscal year which ends in January 2010. The Lowe’s real estate team continues to evaluate sites for construction of additional stores in Monterrey.
“We are steadfast on our focus in Monterrey and 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 the convenience, outstanding customer service and a superior shopping environment,” said Francisco Fernandez, director general of Lowe’s-Mexico.
In 2007, Lowe’s announced plans to open three to five stores in Monterrey, representing an investment of $18 to $20 million (USD) per store, and creating up to 800 new, direct jobs in the area. Each store has approximately 100,000 square feet of selling space. Since that time, Lowe’s-Mexico has opened an office in Monterrey, staffed with a team of more than 60 people responsible for managing Lowe’s entry into Mexico as well as ongoing operations in the country to best serve the unique needs of Mexican consumers.
Fernandez joined Lowe’s in 2002 with more than 16 years of experience in the home improvement industry. Reporting to Fernandez are:
The opening of stores in Mexico is part of Lowe’s strategy for long-term growth. The company first expanded internationally with the opening of stores in Toronto, Ontario, in 2007.
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 1,650 home improvement stores in the United States and Canada. Founded in 1946 and based in Mooresville, N.C., Lowe’s is the second-largest home improvement retailer in the world.