TORONTO — With the announced hiring last week of a new head merchant at Lowe’s Canada, the country’s fastest-growing home improvement retailer (source: 2015-2016 Home Improvement Retail Report) is getting its house in order for its next level of growth, even as its parent company begins to retreat from another international venture. Lowe’s Canada has confirmed the openings of stores in Ancaster and Mississauga, Ont., by the end of this month, with more to come following the acquisition of a dozen former Target locations.
Success in Canada runs counter to the company’s experience in Australia, where it has a joint venture with retail giant Woolworths to develop the Masters hardware chain along with a wholesale business in that country. Lowe’s announced this morning it will begin the process of exiting its investment in the joint venture. Woolworth’s owns two-thirds and Lowe’s owns one-third. The business has lost at least AU$600 million over the past four years.
(CORRECTION: A previous version of this story, which appeared in our weekly HARDLINES e-newsletter, incorrectly stated that the next Canadian stores would open in April, when in fact they are opening by the end of January.)
