Lowe's enters JV with Woolworths in Australia

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.

Lowe's will own a one-third stake in a new home improvement chain that is slated to open 150 stores over the next five years, with the first opening in the 2011 fiscal year.

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.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Current issue for September 2017

See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!