Joint venture between Woolworths and Lowe’s opens

Woolworths and US DIY retailer Lowe’s have opened their first store in Melbourne, Australia. The joint venture is a 145,315 sq ft hardware warehouse, and is the result of three years of planning. The store represents Lowe’s first foray outside North America and is the first joint venture of this kind for the firm. The companies plan to open about 15 to 20 stores in the first 18 months, with the goal of having 150 sites secured within five years.