Lowe's eyes 60 more units in metro N.Y.
Gary James -- Furniture Today, October 13, 2002
Wilkesboro, N.C. — Home improvement chain Lowe's said it plans to add more than 60 stores in the greater New York City area over the next several years.
Lowe's has just opened stores in Roosevelt Field, N.Y., and Holmdel, N.J., and began construction on its first store on 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, N.Y., and North Bergen, N.J., also have opened in the last 10 months.
Lowe's ranks No. 23 on Furniture/Today's list of Top 25 U.S. furniture retailers, with an estimated $385 million in furniture sales in 2001. Its offerings include ready-to-assemble outdoor, office, entertainment, kitchen, bedroom and living room furniture.
"Our New York City metro area expansion is based on the success of Lowe's in metro markets across the country and our initial success in the New York/New Jersey region," said Robert Tillman, chairman and chief executive officer. "Our experience shows that metro markets are ripe for the Lowe's store concept and our strategy of providing top brands and services at competitive prices."
Lowe's is in the midst of the most aggressive expansion in its 56-year history. The company plans to open 123 stores this year and 130 in 2003.
The chain is focusing much of its future growth on U.S. markets with populations of 500,000 or more. Larger markets made up nearly 65% of Lowe's expansion efforts in 2001 and will comprise a similar portion in 2002.
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