Lowe’s opens in Mexico
Mooresville, N.C.-based home improvement giant Lowe’s crossed another border yesterday with the opening of two new stores in Monterrey, the third largest city in Mexico. The Linda Vista and Sendero locations each measure approximately 110,000 sq. ft. and include drive-though building materials yards and fully staffed hardware desks. The North Carolina retailer invested $18 million to $20 million in each store.
Lowe’s announced its intention to enter Mexico in 2007, saying it wanted to open three to five stores by the end of its fiscal year on Jan. 31, 2009. It established an office in Monterrey and installed Francisco Fernandez, a former retail executive with Total Home, a four-unit chain of Mexican hardware stores that was purchased by Home Depot in 2001.
Total Home’s former CEO, Ricardo Saldivar, now serves as president of Home Depot’s Mexico division, which has grown to 77 stores thorough acquisition and greenfield expansion.
Fernandez, whom Lowe’s hired in 2002, remains at the helm of Lowe’s Mexican debut. “Lowe’s has opened an office staffed with people who manage Lowe’s market entry into Mexico, as well as ongoing operations to best serve the unique needs of the Mexican consumers,” the press release said. Lowe’s has stated in the past that it hopes to put as many as 50 stores into Mexico.
