Home improvement store making its move in NYC.Home improvement retailer Lowe's is adding 60+ new stores in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. area over the next few years in a $1 billion move. "Our New York City metro area This article is about the music production team. For the article about population centers, see metropolitan area. Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. expansion is based on the success of Lowe's in metro m ark e t s across the country and our initial success in the New York/New Jersey region," said Robert Tillman, chairman and chief executive office of Lowe's. "Our experience shows that metro markets are ripe for the Lowe's store concept and our strategy of providing top brands and services at competitive prices," he said. The New York City expansion is part of a larger effort that will add 253 new Lowe's stores by 2004. The home improvement chain's highest volume stores are typically located in densely populated pop·u·late tr.v. pop·u·lat·ed, pop·u·lat·ing, pop·u·lates 1. To supply with inhabitants, as by colonization; people. 2. , urban markets. Over the past year, Lowe's has opened stores in North Bergen North Ber·gen A community of northeast New Jersey north of Jersey City and across the Hudson River from Manhattan Island. Population: 59,500. , N.J. and Medford, N.Y. Just last week, Lowe's opened stores in Roosevelt Field, N.Y. and Holmdel, N.J. Its first Staten Island Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. store is under construction. Neither Lowe's nor arch-rival Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box has cracked the Manhattan market. There's a simple enough reason why--site selection. Unlike the Outer boroughs--which are less densely built--the Manhattan market doesn't offer many adequate sites. "For Lowe's to get into the Manhattan market, they would need to find the right site that will allow them to have high volume sales to pay very high rent," said Peter Ripka, a partner at retail brokerage Ripco. He added that it will be very hard for Lowe's to find a site with the right layout in Manhattan--and that entails plenty of parking spots. "It may take a long time for them to get the right approvals to go forward, but in the end the deals are worth the effort," said Ripka. Even in the outer boroughs it can be tough to get a 100,000 SF + store approved. It took nine years for one broker to assemble Home Depot's Cropsey Avenue (Brooklyn) store. Roughly 91 parcels of land and 46 occupied homes were involved in the assembly. Several streets had to be acquired from the municipal government and several acres of parkland were created by Home Depot to appease ap·pease tr.v. ap·peased, ap·peas·ing, ap·peas·es 1. To bring peace, quiet, or calm to; soothe. 2. To satisfy or relieve: appease one's thirst. 3. neighbors. The deal was so drawn-out and complex that broker Joel Burns Joel Burn (born February 27, 1975 in Wisconsin, USA) is an American professional basketball player, currently starring for Leicester Riders in the British Basketball League. The 6ft2 Guard attended Western Michigan University, before signing for Watford Royals in 1997. of Brown Harris Stevens won the Real Estate Board of New York's creative retail prize for the deal. The Cropsey Avenue deal may not represent how hard it can be to develop one of these home improvement stores. But it does prove that selecting sites can have far-reaching, complex outcomes that take years to sort through and resolve. |
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