Lowe's

Lowe's was founded by Lucius Smith Lowe in North Wilkesboro, North Carolina, in 1921 as a small hardware store. The original store, called Lowe's North Wilkesboro Hardware, aimed to serve the local community with essential home improvement and construction goods. Over the years, Lowe's expanded its product offerings, marking the beginning of its journey to become one of the largest home improvement retailers in the United States.

After the death of Lucius Smith Lowe, his heirs sold the company to Jim Lowe and Carl Buchan in 1943. In 1946, the store was publicly incorporated as Lowe's North Wilkesboro Hardware. This marked a significant step in its transformation from a local family-owned hardware store to a larger corporation. By 1952, Lowe's was operating six stores, and it continued to grow throughout the mid-20th century.

In 1961, Lowe's issued its first public stock, offering shares over-the-counter. Going public allowed Lowe's to raise capital for further expansion and compete more effectively with other major home improvement retailers. This move signaled Lowe's ambition to scale its operations nationally and laid the groundwork for its future growth into one of the leading players in the home improvement sector.

During the 1980s, Lowe's underwent major expansion efforts, opening new stores and expanding its geographic footprint across the United States. The company focused on diversifying its product assortment and renovating existing store layouts to enhance the customer experience. This expansion was part of Lowe's strategic plan to increase market presence and compete with other large-scale home improvement chains like The Home Depot.

In 1999, Lowe's reached a significant milestone by achieving $10 billion in annual sales. This was an indication of Lowe's successful expansion strategy and its growing footprint in the home improvement retail sector. The company continued to enhance its store offerings and customer service, solidifying its position as a leader in the industry. This achievement marked Lowe's entry into the ranks of the largest home improvement retailers in North America.

In 2007, Lowe's expanded internationally for the first time by opening stores in Canada. This marked the beginning of Lowe's growth beyond the United States and was part of its broader strategy to tap into new markets. The move into Canada was aimed at reaching a wider customer base and increasing the company's global presence. This international expansion was critical for Lowe's long-term growth objectives and strategic positioning.

Lowe's announced its acquisition of Rona, Inc., a Canadian home improvement retailer, in 2016 for C$3.2 billion. This acquisition significantly increased Lowe's market share in Canada and provided a platform for further growth in the region. Rona's existing stores and market presence complemented Lowe's strategic goal to strengthen its position in the North American home improvement market, enhancing its competitive edge against other players.

In 2019, Lowe's made a strategic decision to close 34 underperforming stores in Canada, as well as some locations in the U.S. This decision was part of a larger restructuring plan aimed at optimizing the company's performance and focusing resources on more profitable stores. The closures aligned with Lowe's effort to refine its retail strategy and improve overall profitability in an increasingly competitive home improvement market.

As the COVID-19 pandemic began to affect businesses worldwide, Lowe's implemented several measures to ensure the safety of its employees and customers. The company enhanced cleaning protocols, offered special hours for vulnerable customers, and launched curbside pickup services. Despite the challenges, Lowe's saw an increase in demand for home improvement products as more people focused on home projects during lockdowns, leading to a rise in sales in 2020.

In 2022, Lowe's launched its 'Total Home' strategy to enhance its competitive position in the home improvement sector. The strategy focused on offering end-to-end solutions for customers, including full home renovation services. As part of this plan, Lowe's aimed to improve its product offerings, technology, and customer service to address evolving consumer needs and continue its growth trajectory in a dynamic retail environment.