Mooresville, NC, January 24, 2007--As part of its strategy for long-term growth, Lowe's said it plans to expand into Mexico. The company said it expects to open three to five stores in Monterrey in 2009, representing an investment of $18 to $20 million per store.
"For several years, we have been evaluating opportunities to serve consumers in vibrant home improvement markets outside the United States," explained Robert A. Niblock, Lowe's chairman and CEO. "With homeownership rates in the market growing at a rapid pace, we see Monterrey as a tremendous opportunity to offer Lowe's products and services to homeowners and commercial customers in a superior shopping environment with customer service that is recognized as among the best in retail."
Lowe's plans to open three to five stores in Monterrey will create up to 800 new, direct jobs in the area. The company has established an office in Monterrey, which is led by Francisco Fernandez, vice president of Lowe's-Mexico. Fernandez will be 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, including seven years with Total Home (Alfa Group) in Monterrey. A third-generation retailer, Fernandez has significant experience in merchandising, marketing, supply chain and global sourcing. He has a degree in Mechanical and Administration Engineering and an M.B.A. from Instituto Tecnologico y de Estudios Superiores de Monterrey (I.T.E.S.M.) and diplomas in international commerce and marketing, also from I.T.E.S.M.
Lowe's currently operates retail stores in the United States and, as previously announced, is on track with plans to open six to ten stores in the greater Toronto area beginning in the fall of this year.
