Lowe's ( LOW) set plans Wednesday to expand into Mexico.

The Mooresville, N.C., home improvement retailer said it expects to open three to five stores in Monterrey in 2009, representing an investment of $18 million to $20 million per store. The company said last year it would open six to 10 stores in Toronto starting this coming fall.

"For several years, we have been evaluating opportunities to serve consumers in vibrant home improvement markets outside the United States," said CEO Robert A. Niblock. "With homeownership rates in the market growing at a rapid pace, we see Monterrey as a tremendous opportunity to offer Lowe's products and services to homeowners and commercial customers in a superior shopping environment with customer service that is recognized as among the best in retail."

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