Lowe’s closes its Mexico home improvement stores

The United States-based home improvement store Lowe’s announced that its nine-year venture into the Mexican market was coming to an end with the closure of its 13 stores.

Rumors of an impending closure first emerged in November when the firm was reported to be analyzing its options.

Yesterday, the exit was confirmed when Lowe’s México issued a statement declaring that “after several months of analyzing alternatives, [the firm] has decided to permanently shut down its operation in Mexico, effective today.”

An anonymous source told the newspaper Milenio that Lowe’s shutdown in Mexico is the result of the firm having failed to achieve adequate sales, and was unable to compete with competitor Home Depot.

Source: Milenio (sp)