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Take a town of 10,000 people - everyone needs what Wal Mart sells. However, many of those same folks have no need for building materials or the other items the specialty retailers sell.

I think people forget that in places where there is a town of 10k people there is often a surrounding population of 100k willing to travel to shop at the nearest Lowes.

In the state of North Dakota there are but 3 Lowes stores and not one is within 3 hours drive of another. The populace of cities like Minot and Dickinson among others make the pilgrimage to Bismarck to shop at their nearest Lowes.

I think Lowes is doing just fine and has made very few misteps, particularly in their wise and well planned aggressive expansion. A new Lowes store opens up every 3-3 1/2 days in this country and I believe this will leave them poised to prosper when this overdone mortgage concern is a distant memory.

The population in this country continues to grow, homes will have to be built and people will continue to renivate and overhaul their homes with everything from kitchen appliances and cabinets, bathroom vanities plumbing and lighting fixtures to lawn supplies and equipment.

Disclosure: I'm building on my position at current price levels.

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