Lowe's Expected To Announce Expansion Cutbacks

Mooresville, NC, Sept. 22, 2008--Lowe's is expected to announce this week that it is curbing its ambitious expansion plans, according to the Wall Street Journal..

The newspsper said that analyst Deborah Weinswig expects Lowe's to open 75 new stores next year for 4.5 growth in retail-square footage, down from 120 stores opening this year. Lowe's had previously said it expected to open 135 to 145 new stores each year.

Rival Home Depot has been more drastic in cutting its store growth but that's been at least partly motivated by the company's focus on improving its existing operations before it expands.