February 8, 2010 (FinancialWire) — Home improvement retailer Lowe’s Cos., Inc. (NYSE: LOW) has opened its first stores in Monterrey, Mexico as part of its international growth strategy.

Lowe´s said that its Mexico unit has invested around $18 million to $20 million in each store. Around 430 persons have been hired to operate the two stores and the company’s offices in Monterrey.

Each store offers a sales area of around 110,000 square feet including a special drive-through building materials yard, a garden center and a fully staffed, full-service hardware desk.

Lowe’s first reported its growth plans for Mexico in 2007, and has since opened an office staffed with people who manage Lowe’s market entry into Mexico as well as ongoing operations to best serve the unique needs of Mexican consumers.

The store openings in Mexico are part of the company’s long-term growth strategy. Lowe’s first expanded internationally with the opening of stores in Toronto, Ontario, in 2007, and now operates 16 stores in Canada.

North Carolina-based Lowe’s posted fiscal year 2008 sales of $48.2 billion. The company operates more than 1,700 home improvement stores in North America.

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