Lowe’s (Mooresville, N.C.) will be exiting a handful of “non-core” business initiatives in a move to position the chain for long-term growth and to improve profitability.
The company is shuttering its business in Mexico, where it currently operates 10 stores; the chain reported that it is “exploring strategic alternatives,” according to The Charlotte Observer.
Additionally, the company shared plans to exit some of its U.S. business efforts, including its Alacrity Renovation Services and Iris Smart Home.
The company said that these decisions are a result of identifying underperforming and non-core businesses within the company that can be eliminated. That will allow it, instead, to be able to focus on its core business and long-term growth.
Both of these moves come as the retailer saw same-store sales in the U.S. inch up by 2 percent.