Home improvement retailers are continuing to feel the squeeze in the dismal market. Since the sector doesn't expect a turnaround anytime soon, it has no choice but to take precautions.
Lowe's (nyse: LOW - news - people ), the second largest U.S. home improvement retailer behind Home Depot (nyse: HD - news - people ), announced at an analyst conference Wednesday that it won't be expanding as much next year. The company, which plans to open a total of 120 new stores in 2008, only plans to open another 75 to 85 new stores in 2009 due to the rough conditions affecting the housing market.
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Sunday, September 28, 2008
Housing Sector On Shaky Ground
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