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Tuesday, March 17, 2009
News / Biz Big box stores are soooo yesterday
Posted By Rhiannon Fionn-Bowman on Tue, Mar 17, 2009 at 1:19 PM
Lowe's, headquartered in Mooresville, N.C., is hoping smaller stores will help the company save money and keep their eye on their goal — to own 2,400 stores in the U.S. and Canada. The typical Lowe's store is 150,000 square feet and costs nearly $20 million to build.
Lowe’s Cos. Inc. plans to try out a series of smaller big-box stores as it moves into, well, Middle America.As the company’s competitors are getting smaller by closing locations and cutting jobs, the Mooresville-based home-improvement retailer is shrinking by scaling back its plans for smaller markets.
Speaking this week at a stock analyst conference in Tampa, Fla., Larry Stone, Lowe’s president and chief operating officer, said the company is planning a series of smaller stores: 66,000 square feet and 80,000 square feet.
Read the rest of this Charlotte Business Journal article here.
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