Lowe’s to establish coastal holding facility in Suffolk

Virginia Gov. Glenn Youngkin today, Oct. 13, announced that Lowe’s Companies, Inc. (NYSE: LOW), one of the largest home improvement retailers in the world, will establish a coastal holding facility in the City of Suffolk, which will create 100 new jobs. The company’s first distribution operation located in the Virginia Port Logistics Park will receive imported goods through The Port of Virginia to supply regional distribution facilities, he added.

“Welcoming a major distribution facility for a FORTUNE® 50 company of Lowe’s caliber is a testament to Virginia’s world-class port, transportation infrastructure, and supply chain ecosystem advancing the logistics industry,” said the governor. “We are confident Lowe’s will find this strategic location and the exceptional workforce in Hampton Roads beneficial to achieving its goals and look forward to a long-term partnership.”

Caren Merrick, Virginia’s Secretary of Commerce and Trade, said, “More than 4,600 supply chain operations are located throughout the Commonwealth, which has emerged as America’s East Coast logistics hub,” and Lowe’s new operation in the Virginia Port Logistics Park will provide direct access to critical customer markets.

Don Frieson, Executive Vice President of Supply Chain at Lowe’s, was quoted in the Governor’s press release as saying “As we work to enhance Lowe’s supply chain capabilities, which includes expanding our coastal holding facility network, this new facility in Suffolk will complement the 69 stores Lowe’s operates across Virginia by enabling us to better manage imported product flow, We selected Virginia and the City of Suffolk because of its proximity to The Port of Virginia, as well as the uniquely skilled workforce in the local area. This coastal holding facility is part of an ongoing investment in Lowe’s supply chain to better serve our stores and customers.”