Lowe's 2007 Annual Report Download - page 13

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LOWE’S 2007 ANNUAL REPORT |11
NEW STORES Each new market Lowe’s enters represents a great opportunity
for us to offer home improvement products and services to homeowners, renters
and commercial customers in a superior shopping environment. Our disciplined
approval process for new stores ensures we continue to invest capital wisely. As we
finalized our store expansion plans for 2008, it was that focus on driving returns,combined
with the reality of the current home improvement market that led to our reduced plan
of 120 stores. Longer-term we continue to see the opportunity for 2,400 to 2,500
Lowe’s stores in North America. That opportunity provides many years of continued
expansion that will deliver great home improvement shopping for customers and
solid returns for our shareholders.
NEW MARKETS In 2007, Lowe’s became more convenient to customers by
opening 153 stores, including our first stores outside the United States in the
Greater Toronto Area, where at year-end we had six stores. We ended the year
with 1,534 stores, serving home improvement customers in vibrant markets
in the United States and Canada. On average our stores are 5.9 years old and
are well-positioned to meet the needs of home improvement consumers and
deliver returns.
NEW FORMATS Lowe’s is committed to disciplined growth and having the
right store format to address the diverse needs of the many markets we serve.
Lowe’s growth continues in large and small markets alike. We constantly evaluate
the productivity and returns of our stores. In some densely populated markets
where land availability dictates design, Lowe’s stores may be multi-level or feature
rooftop parking or rooftop garden centers. Additionally, Lowe’s is evaluating smaller
store formats to address the needs of small markets. In 2007, we opened one
smaller-footprint store in our Southeast region and plan to open our first two-level
store in 2008. All Lowe’s stores, regardless of the format, will showcase our
best-in-class shopping environment.
…
Sales
In Billions of Dollars
03 04 05 06 07
Lowe’s continues to provide customer-
valued home improvement solutions
in a superior shopping environment,
driving sales to more than $48 billion.