US home improvement retailer Lowe’s is looking to take a slice of the Australian DIY market through a joint venture agreement with Woolworths.
Lowe’s, which has more than 1,675 outlets in the US, is taking a third stake in the business, which aims to open more than 150 stores over the next five years. The first outlet is due to open in 2011.
“This is a tremendous opportunity to enter the A$24bn and growing home improvement market in Australia, at a time when the sector is under served,” said Robert Niblock, Lowe’s chairman and CEO.
Woolworths has already secured rights to 12 sites and is in final negotiations for a further 15 greenfield locations.
Large-format stores greater than 100,000ft² will offer products to both DIY and trade customers.
