It's springtime and there are lots of home remodeling projects going on right now on the Central Coast. Mike sent me a note and asked, “Dear Jon, I'm remodeling a home and can't believe that it's 2014 and there's no Lowe's store on the peninsula or Salinas. Gas is too expensive to drive to Gilroy! Why not put Lowe’s in Marina?”
Good question, but don’t hold your breath.
If you look at the map attached to this story, you’ll see what Mike is talking about. Lowe's is in Gilroy, which is 26 miles from Salinas, about 40 miles to Seaside and about 50 miles to Carmel on the peninsula. For those of you in Santa Cruz, no Lowe's there either.
I contacted Lowe's corporate office in North Carolina for the answer and it's not good news for the Central Coast. They were evasive as to adding a store in our area.
I was told that Lowe's does extensive research before considering a site in a community, and they look at literally hundreds of factors. They include homeownership in the area, population, access to major roadways and growth in the community.
I ask for any specific research that they are doing on the Central Coast to add a store here and I was denied. Lowe's was quiet about any plans for the peninsula.
Based on my research of Lowe's stock price, they dropped to a low of about $12 a share after the “Great Recession” in 2009. They're rebounding now, at about four times that much.
On the other hand, Home Depot is trading at about $80 a share. Financial experts say based on stock prices in this sector, Home Depot is doing financially better than Lowe's these days.
Having a choice of home improvement stores would be better for us here on the Central Coast. I’ve found myself shopping at both when I’ve had the opportunity. But for the meantime, if you want to shop at Lowe’s, you’ll have to travel to Gilroy.
If you have a question for me, click the email link above. Or you message me on Facebook at “Jon K Brent KIONKCOY” and Twitter at “DearJonKBrent.”