Lowe's 2004 Annual Report Download - page 12
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Page 10 Lowe’s 2004 Annual Report
In 2004, customers in Minneapolis, Milwaukee,
Brooklyn and Brunswick, Maine, welcomed Lowe’s
to their communities for the first time. In total, we
opened 140 new stores in 2004, and we are
confident there remains a considerable opportunity
for Lowe’s to continue to add profitable stores across
the U.S. We ended 2004 with 28 percent of our
stores in the nation’s top 25 markets and
approximately 54 percent in the top 100. Since
these larger metro markets hold over 65 percent of
our target market potential, we will continue to add
stores in those currently underserved areas. In fact,
at the end of 2004 we had nearly 400 future store
locations approved by our real estate committee.
Of those approved locations, over 35 percent are in
the nation’s top 25 markets, and 65 percent are in
the top 100 markets. We will utilize our 116K
prototype store to drive our increasing presence in
America’s top 100 metro markets in 2005.
With the right distribution
strategyand great store layouts,
Lowe’s has the infrastructure to
facilitate our continued rapid
expansion.With two distinct
store formats and a pipeline full
of future store sites, Lowe’s
can profitably meet our customers’
needs from large metro
markets to small markets
across the nation.