Lowe’s to Add over 60 NY-Area Stores

Tue October 01, 2002 - National Edition
CEG



Home-improvement chain Lowe’s recently announced that it intends to add more than 60 stores in the greater New York City area over the next several years, investing about $1 billion, as part of its plan to expand in metropolitan areas.

The Wilkesboro, NC-based company said the expansion would create more than 10,000 jobs.

Lowe’s said it will begin construction on its first store in New York City’s borough of Staten Island. Stores are under construction at seven area locations, and several proposed sites are under contract pending final approvals from local planning and zoning boards. Stores in Medford, New York, and North Bergen, New Jersey, have opened in the last 10 months.

"Metro markets are ripe for the Lowe’s store concept," said Lowe’s Chairman and Chief Executive Robert Tillman, adding that the chain’s highest volume stores are in metropolitan markets.

The announcement is part of Lowe’s overall expansion plan for the Northeast over the next several years. It is in the midst of opening 123 stores this year and 130 in 2003. Lowe’s said it is focusing much of its future growth on the largest U.S. markets, with populations of 500,000 people or more. Larger markets made up nearly 65 percent of Lowe’s expansion in 2001 and will comprise a similar percentage of Lowe’s growth in 2002, the company said.