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SALEM, OR-A new $16-million, 175,000-sf Lowe’s Home Improvement Warehouse will open to consumers and contractors today at 1930 Turner Road SE in Salem, giving competition to The Home Depot across the freeway, which has been around for several years.

The building’s developer is Newman Development Group. Newman retains 25 acres adjacent the site on which it plans to develop more retail.This is fourth store in the state for Lowe’s, which opened its first store in the state in 1994. Its other stores are in Tigard, Portland and Medford. Two others are on the way. A Hillsboro location will open later this year and a McMinnville location is scheduled to open early next year.

The company, which has more than 760 stores nationwide, has said it is in the midst of a $2 billion expansion initiative that has two new stores opening every week. The company’s stock price stood at $47.29 on Thursday, up 50% since September 21, 2001 and off just $2.50 below its 52-week high of $49.99, achieved on May 24, 2002.

Home Depot, by contrast, has 13 stores in Oregon and 1,333 stores nationwide. Its stock price stood at $38.07 on Thursday, much closer to its 52-week low of $30.30 than its 52-week high of $52.60. The low came a few days after trading resumed following Sept. 11, 2001. The high came in February of this year.

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