CHICAGO — Home-improvement chain Lowe’s told investors Wednesday it is scaling down the size of most new stores and eyeing even smaller locations in some rural areas as it tries to operate more efficient sites. Executives said new stores in medium- size and large markets will be about 103,000 square feet — roughly 19,000 square feet smaller than many of its locations today.
The new format will help the nation’s No. 2 home-improvement chain cut capital-outlay costs by almost $2 million per store.
“As we go forward, we can better match the right store with the right market,” said Larry Stone, the company’s president and chief operating officer.
Meanwhile, Lowe’s is testing a 66,000-square- foot store in rural North Carolina, featuring a trimmed-down selection of items and a drive- through lumberyard. It’s also eyeing an 88,000- square-foot setup. The Associated Press
