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      "text": "North American Stores (PPG, Lowe's, Home Depot, Ace, SHW, SHW Target)",
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      "text": "PPG’s direct competitor, Sherwin-Williams, has been aggressively investing in its paint store network for years\nSherwin-Williams has been adding 100-125 net stores annually, driving ~2-3% unit growth, while PPG has barely added any stores over the last 2 years\nPPG has not articulated a paint store strategy to the investment community",
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      "text": "Source: SEC filings, Investor presentation.",
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      "text": "Investing in the Paint Stores Network Seems to Be a Significant Long-Term Opportunity",
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