Home improvement retailer Lowe's Companies, Inc. (Mooresville, North Carolina, U.S.) plans to expand into Mexico, opening three to five stores in Monterrey in 2009, representing an investment of U.S. $18 to $20 million per store and generating up to 800 new jobs in the area.
"With homeownership rates in the market growing at a rapid pace, we see Monterrey as a tremendous opportunity," said Lowe's Chairman and CEO Robert A. Niblock.
Lowe's established an office in Monterrey, 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. Fernandez joined Lowe's in 2002 with more than 16 years of experience in the home improvement industry, including 7 years with Total Home (Alfa Group) in Monterrey.
Lowe's currently operates stores in the U.S. and is on track with previously announced plans to open six to 10 stores in the greater Toronto, Canada area beginning in the fall of 2007.
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