Old slogan:"Improving Home Improvement." New slogan:"Let's Build Something Together." Lowe's Home Improvement Warehouse is a chain of retail home improvement and appliance stores, founded in 1946 in North Wilkesboro, North Carolina. They have retail locations in 49 states in the US.
Lowe's has been helping our customers improve the places they call home for more than 60 years. Lowe's operates more than 1,675 stores in the United States and Canada. In 2008, Lowe's earned several notable industry distinctions, including:
- Ranked 47 on the FORTUNE® 500
- EPA & U.S. Department of Energy ENERGY STAR® Award has been given to Lowe's seven consecutive years for promoting products that meet the highest energy and water efficiency standards
Founded in 1946, Lowe’s has grown from a small hardware store in North Carolina to the second largest home improvement retailer worldwide and the 7th largest retailer in the U.S.
The Lowe's story began in North Carolina when H. Carl Buchan, part owner of the North Wilkesboro Hardware Company, envisioned creating a chain of hardware stores. At the time, Lowe’s was a typical, small town hardware store selling everything from overalls and snuff to wash tubs, work boots and even horse collars.
Carl Buchan later bought-out his brother-in-law and partner, James Lowe, and foreseeing the post-World War II building boom, concentrated on selling only hardware, appliances and hard-to-find building materials. By eliminating wholesalers and dealing directly with manufacturers, Lowe's established a lasting reputation for low prices. Sales grew over time and additional Lowe’s stores opened in neighboring towns throughout western North Carolina.
The company went public in 1961, and began trading on the New York Stock Exchange in 1979 (NYSE: LOW). During this time, U.S. housing starts soared and professional builders became Lowe's loyal customers, accounting for the majority of Lowe’s business. In 1982, Lowe’s had its first billion-dollar sales year, earning a record profit of $25 million. Lowe’s stores then reported serving a new type of customer: do-it-yourself homeowners seeking to improve the value of their properties.
Anticipating their needs while still accommodating contractors, Lowe’s began to enlarge its stores and expanded its merchandise offerings. The modern Lowe’s began in 1994, when our new store expansion consisted of only large stores, which we define as stores with greater than 85,000 square feet of selling space. Expansion continues as Lowe's opens a new store on average every week with our 117,000-square-foot (117K) stores in the nation’s larger metro markets and our newer 94,000-square-foot (94K) stores in the nation’s small to mid-sized markets. Lowe's opened its first stores in Canada in December 2007 and plans to open its first stores in Mexico in fiscal 2009.
Lowe’s stores stock 40,000 products and have hundreds of thousands more available by special order-- offering practically everything customers need to build, beautify and enjoy their homes.
Although times have changed since Lowe's first opened its doors in 1946, Lowe’s values have not – the company remains committed to offering quality home improvement products at the lowest prices, while delivering superior customer service.
Lowe's Vision -
We will provide customer-valued solutions with the best prices, products and services to make Lowe's the first choice for home improvement.
With fiscal year 2008 sales of $48.2 billion, Lowe's Companies, Inc. is a FORTUNE® 50 company that serves approximately 14 million customers a week at more than 1,675 home improvement stores in the United States and Canada. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.
