Lowe's 2002 Annual Report Download - page 14

From Anchorage to Zanesville, Lowe’s continues to grow its customer base by adding new stores across the country. In 2002,
Lowe’s opened 123 new stores, and the company plans to build 130 stores in 2003.
Larger markets, with populations of more than 500,000, provide significant untapped opportunity for Lowe’s. Currently
holding 52 percent of Lowe’s total store base, these larger markets will make up approximately 65 percent of our expansion in
2003. Lowe’s is benefiting from the higher average income, greater household density, generally older housing stock, and higher
home ownership levels in these areas, as the company’s highest-volume stores are in major markets.
Last fall, Lowe’s announced plans to invest approximately $1 billion to open more than 60 stores in the greater New York City
area, adding momentum to its aggressive expansion plan. The move is part of a long-term strategy to create a major presence in
the Northeastern U.S., which represents about 12 percent of the nation’s population.
Similarly, California provides significant opportunity for Lowe’s expansion. With more than 40 stores currently open, the
company has just begun to penetrate this rapidly growing state.
Metro markets are important, but they don’t tell the whole story. The company continues to develop store prototypes that
work in every market, from large to small. It’s about flexibility and a constant objective to build better stores, with better layouts,
to better serve customers wherever they may live.
12 / 13 LOWE’S CO MPANIES, INC. ANNUAL REPORT 2002
ADRIAN, MI • AIKEN, SC • AKRO N, O H • ALBANY
PA • AMARILLO, TX • AMERICAN FORK, UT • AMES
• ATHENS, GA • AUBURN, NY • AUBURN, WA • AUG
TN • BATON ROUGE, LA • BATTLE CREEK, MI • BA
WA • BENTON HARBOR, MI • BESSEMER, AL • BIL
ID • BOO NE, NC • BOWIE, MD • BOWLING GREEN
BRYAN, TX • BUFORD, GA • BURBANK, CA • BURLE
CARSON CITY, NV • CARTERSVILLE, GA • CARY, NC
VA • CHATTANOOGA, TN • CHESAPEAKE, VA •
WATER, FL • CLEVELAND, TN • CLINTON, MD •
MS • CO LUMBUS, GA • CONCORD, NC • CONRO
CROSS LANES, WV • CROSSVILLE, TN • CULLMAN,
• DENTON, TX • DEPTFORD, NJ • D’IBERVILLE, MS
• EDMO ND, OK • EGG HARBOR TOWNSHIP, NJ •
• FAIRBORN, O H • FAIRVIEW HEIGHTS, IL • FAYETTE
SC • FLORISSANT, MO • FOLEY, AL • FOLSOM, CA
FT. GRATIOT, MI • FT. MYERS, FL • FT. OGLETHORP
GALESBURG, IL • GARDEN CITY, NY • GARLAND, T
GRAND JUNCTION, CO • GRAND RAPIDS, MI • GRA
GULF BREEZE, FL • GULFPORT, MS • GUNTERSVILL
TIESBURG, MS • HEATH, O H • HENDERSON, NV
OH • HIXSON, TN • HOLLAND, MI • HOLLISTER, M
• HUNTSVILLE, AL • HURST, TX • INDEPENDENCE, M
MO • JOHNSON CITY, TN • JOHNSTOWN, PA •
KILLEEN, TX • KINGSPORT, TN • KINGSTON, NY
• LAKE CITY, FL • LAKE JACKSON, TX • LAKE O ZAR
VEGAS, NV • LAUREL, MD • LAVALE, MD • LAWNS
LEXINGTON, SC • LILBURN, GA • LIMA, O H • LINC
TX • LUMBERTON, NC • LYNCHBURG, VA • LYNNW
MARIETTA, OH • MARIETTA, GA • MARION, IN •
FORD, O R • MELBOURNE, FL • MEMPHIS, TN • ME
MIDLAND, MI • MIDLAND, TX • MISHAWAKA, IN
MO O RESVILLE, NC • MOREHEAD CITY, NC • MORG
BORO, TN • MURRAY, KY • MURRAY, UT • MURRIET
• NAPLES, FL • NASHVILLE, TN • NEW BERN, NC
IN • NORCROSS, GA • NO RFOLK, VA • NO RMAN, O
• OLATHE, KS • O LD BRIDGE, NJ • O MAHA, NE
BORO, KY • O XFORD, AL • PADUCAH, KY • PAINTS
BURG, NJ • PHO ENIX, AZ • PICO RIVERA, CA • PIK
OK • PORT ARTHUR, TX • PORT ORANGE, FL • PO
CO • PUYALLUP, WA • QUEENSBURY, NY • RALEIGH
MO ND, IN • RICHMOND, KY • RIVERDALE, UT •
RO LLA, MO • ROME, GA • ROSEVILLE, CA • ROUN
SAN ANTONIO, TX • SAN BRUNO, CA • SAN CLEM
TADY, NY • SCHERERVILLE, IN • SCO TTSDALE, AZ
PORT, LA • SIKESTON, MO • SIMPSONVILLE, SC
MI • SOUTHLAKE, TX • SOUTHPORT, NC • SOUTHW
OH • ST CHARLES, MO • ST PETERS, MO • ST. CLAIR
OH • STILLWATER, O K • STOCKBRIDGE, GA • STOC
SC • SURPRISE, AZ • SUWANEE, GA • TACOMA, W
ONIUM, MD • TITUSVILLE, FL • TOLEDO, O H • TOM
• TUSCALOOSA, AL • TYLER, TX • UNION CITY, CA
• VIENNA, WV • VINCENNES, IN • VIRGINIA BEACH
MI • WARRINGTON, PA • WARSAW, IN • WASHING
WEST HILLS, CA • WEST JENSEN BEACH, FL • WEST
• WILKES-BARRE, PA • WILKESBORO, NC • WILLIAM
WINTERVILLE, NC • WISE, VA • WOBURN, MA •
EXPAND
From small-town America to the
nation’s largest cities, many new
markets eagerly welcomed Lowe’s to
their communities in 2002. Consumers
are embracing our strategy of
providing trusted brands and services
at every day low prices, and we see
years of successful expansion ahead.