Lowe's enters JV with Woolworths in Australia
August 25, 2009,
Mooresville, N.C. – Home improvement retailer Lowe's Companies will enter the Australian market through a joint venture with the country’s largest retailer, Woolworths Limited.
Woolworth’s, with annual sales of US $41.5 billion, is a diversified retail company with more than 3,000 doors. It’s formats include Woolworths supermarkets, Big W discount stores, Dick Smith consumer electronics stores and liquor stores in Australia as well as three supermarket nameplates in New Zealand.
Australia’s home improvement market is estimated to be US $20 billion.
"The Australian love of property and high levels of home ownership mean that maintaining and improving homes is an important part of everyday life," said Michael Luscombe, Woolworths’ chief executive.
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