Lowe’s Amigos

Lowe's Cos. Inc. (Mooresville, N.C.) announced plans to expand into Mexico. The nation’s second-largest home-improvement retail chain expects to open three to five stores in Monterrey in 2009, representing an investment of $18 to $20 million per store.

The company has established an office in Monterrey, which is led by Francisco Fernandez, vp, Lowe's-Mexico. Fernandez will be responsible for managing Lowe's entry into Mexico as well as ongoing operations in the country “to best serve the unique needs of Mexican consumers.”

Fernandez joined Lowe's in 2002 with more than 16 years of experience in the home-improvement industry, including seven years with Total Home (Alfa Group) in Monterrey. A third-generation retailer, Fernandez has significant experience in merchandising, marketing, supply chain and global sourcing.

“For several years, we have been evaluating opportunities to serve consumers in vibrant home improvement markets outside the United States,” said Lowe’s chairman and ceo Robert Niblock. “With homeownership rates in the market growing at a rapid pace, we see Monterrey as a tremendous opportunity to offer Lowe's products and services to homeowners and commercial customers in a superior shopping environment with customer service that is recognized as among the best in retail.”

Monterrey, Mexico’s third-largest metropolitan area, with about 3.6 million inhabitants, is the capital city of the northeastern Mexican state of Nuevo León. It’s regarded as a modern industrial and business center with the highest GDP per capita in Latin America.