Lowe’s has pulled out of its plans for a new store in the city of Canton, Conn., according to the Hartford Courant newspaper.
The move came as analysts said they expect Lowe’s to further scale back its building plans this year and next. This week, CEO Robert Niblock confirmed that Lowe's will open fewer new stores in 2009 -- about 75 to 85 next year, down from 2008's 120 new stores.
The retailer won approval earlier in 2008 for the approximately 119,000-square-foot store and adjacent garden center. Groups from the city that initially had opposed the plan to build the store said they were happy with the decision.
Home Depot voted this year to trim store growth as well, in addition to closing 15 under-performing stores.