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Lowes Eyeing Local Market
By LUCIENNE GIGANTE
August 16, 2001
Home Depots smooth sailing in the Puerto Rico market may soon encounter rough seas as its arch rival Lowes Co. Inc. eyes the local market.
Industry sources said the company was actively looking for sites and studying the market for its firsts stores in Puerto Rico.
CARIBBEAN BUSINESS contacted Lowes (NYSE: LOW) headquarters in Wilkesboro, N.C. but company officials would not disclose any details.
"We have not purchased land for potential sites," said spokesperson Tawn Ernst. "We are aggressively expanding in the U.S. market but I cant comment on Puerto Rico."
Lowes Co. Inc. is a retailer of home improvement products with specific emphasis on retail do-it-yourself and commercial business customers. The company offers products and services for the improvement, decor, maintenance, repair, and remodeling of homes as well as the maintenance of commercial buildings.
Lowes operates approximately 650 stores in 40 states through prototype stores of 121,000 square feet with additional 30,000-square-foot lawn & garden centers. For the three months ended May 2001, revenue was $5.28 billion and net income $225.3 million. Revenue reflects the addition of 13 million square feet of retail space and cost reductions.
Meanwhile, last month Home Depot opened three additional stores in Puerto Rico.
Previously Plaza Masso stores, these new Home Depot stores are located in Los Colobos Shopping Center in Carolina, on PR-2 in Mayaguez, and at the Montehiedra Shopping Center. Another store will open next September in Ponce. The Home Depot has five stores in Puerto Rico.
This Caribbean Business article appears courtesy of Casiano Communications.