Lowe's Companies Plans Suffolk, Virginia, Coastal Holding Hub
10/15/2022
Located in the Virginia Port Logistics Park, the distribution operation will receive imported goods through The Port of Virginia to supply regional distribution facilities.
“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,” said Don Frieson, Executive Vice President of Supply Chain at Lowe’s. “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.”
The Virginia Economic Development Partnership (VEDP) worked with the City of Suffolk and The Port of Virginia to secure the project for the Commonwealth and will support Lowe’s job creation through the Virginia Jobs Investment Program (VJIP), which provides consultative services and funding to companies creating new jobs in order to support employee recruitment and training activities.
“As the supply chain sector continues to gain momentum, we are proud to welcome Lowe’s new coastal holding facility to the City of Suffolk,” noted Secretary of Commerce and Trade Caren Merrick. “More than 4,600 supply chain operations are located throughout the Commonwealth, which has emerged as America’s East Coast logistics hub, and the company’s new operation in the Virginia Port Logistics Park will provide direct access to critical customer markets.”
As a business incentive supporting economic development, VJIP reduces the human resource costs of new and expanding companies. VJIP is state-funded, demonstrating Virginia’s commitment to enhancing job opportunities for citizens. The company is also eligible to receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program.
“This is a strategic decision by Lowe’s to build a coastal holding facility within minutes of the East Coast’s most modern port,” said Stephen A. Edwards, CEO and executive director of the Virginia Port Authority. “We’re going to work with the Lowe’s team to help it leverage our assets and operating model to better ensure predictability and reliability in the company’s supply chain. The return for the region is significant when measured in terms of jobs, economic investment, and having a FORTUNE® 50 company as a member of the region’s business community. We are excited about the opportunities of having Lowe’s as a neighbor and look forward to a very collaborative and beneficial relationship.”
Project Announcements
Huber Engineered Woods Plans Shuqualak, Mississippi, Manufacturing Plant
06/09/2023
Gaffney Bakery Plans Gaffney, South Carolina, Frozen Bakery Products Plant
06/09/2023
Itron Establishes West Union, South Carolina, Center Of Excellence
06/09/2023
Devele Establishes Butte, Montana, Manufacturing Plant
06/09/2023
Manner Polymers Plans Mount Vernon, Illinois, Manufacturing Plant
06/09/2023
Purolite Establishes Landenberg, Pennsylvania, Global Biologics Division
06/08/2023
Most Read
-
EV and Semiconductor Projects Stand Out in States Receiving Area Development’s 18th Annual Shovel Awards
Q2 2023
-
Is a Flurry of Fads Shaping Economic Development Policy?
Q2 2023
-
37th Annual Corporate Survey: Economic Pressures Exerting Greatest Effect on Decision-Makers
Q1 2023
-
Front Line: Water Supply Increasingly Affecting Location Decisions
Q2 2023
-
Life Science Conversions in Real Estate
Q2 2023
-
Nearshoring — North America’s Next Factory
Q2 2023
-
First Person: Labor Crunch in the Construction Industry
Q2 2023