Lowe's 2000 Annual Report Download - page 3

Lowe’s Companies, Inc.
Expanding Our Vision
At Lowe’s we’re expanding our vision to ensure we continue providing
the highest quality home improvement solutions to our customers.
In 2000, Lowe’s expanded its reach, introducing
our bright, clean stores offering creative
merchandising to millions of new customers.
As the $400 billion industry continues to grow,
we remain steadfast in our mission of providing
customers with home improvement solutions, and
constantly look for ways to expand our leadership
role within the industry. Despite the enormous
size of the home improvement industry, few
national competitors exist. In fact, over 80 percent
of the industry is served by smaller, or regional
competitors. And this represents considerable
growth opportunity for Lowe’s. Our aggressive real
estate expansion positions new Lowe’s stores in
markets where we are enthusiastically welcomed. Expansion plans in 2001 call for
115 to 120 new stores to open, representing a square footage growth of eighteen to
twenty percent. Similarly, by constantly reviewing and refining our product offering,
we provide a preferred shopping environment to our customers. By focusing on
the customer, we continuously find ways to improve, thereby expanding our vision
of how to best serve our customers.
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Increasing
Market Share
The United States offers a
$400 billion market opportunity
of which over 80% is highly
fragmented among smaller and
regional competitors.
Opportunities exist for Lowe’s to
further increase our market
share as we relentlessly pursue
solutions for our customers.
80%