Lowe's takes money trail into the city
September 6, 2002,
New York — Since expanding the Lowe's format into more urban markets, "only recently has the metro market penetration significantly contributed to our total sales performance," Bob Tillman, chairman, president and ceo, told analysts at Goldman Sachs' Global Retailing conference yesterday.
The New York metropolitan stores include some of the "hottest locations" for the chain, he said, and the Boston stores are outperforming its expectations.
The majority of Lowe's units — 765 out of a total of 806 — are in its big-box format, "the real growth area." These stores have more than 85,000 square feet of selling space and are an average of four years old, said Robert Niblock, cfo and executive vp. Lowe's is on schedule to open 113 new stores this year and 127 stores next year, not including relocations.