Lowe’s to Open Store in Fayetteville; Other Openings to Be Delayed, CEO Says
Posted March 11, 2008 6:24 p.m. EDT
Updated March 12, 2008 3:18 p.m. EDT
MOORESVILLE, N.C. — Lowe’s will open a new store in Fayetteville in the fourth quarter this year even though the home improvement retailer said Tuesday that it would delay opening some 20 stores in other markets.
The Fayetteville store will be located at Two Bale Lane and U.S. Highway 401. It will cover 117,000 square feet and also offer a garden center of more than 30,000 square feet.
The store will cost more than $417 million and create as many as 175 jobs, according to the company.
However, the store opening news was not as good for other areas such as California and Florida. In a meeting with analysts, Lowe’s chief executive said a soft housing market and tight credit is creating a tough sales environment.
Larry Stone told analysts that he remains optimistic that conditions will improve. He said the economic environment is affecting the entire housing industry.
Stone said the company can't wait for the "housing gods to help us," so it's taking steps to improve profit. Lowe's plans to delay the opening of about 20 new stores this year in several hard-hit markets.