Lowes is a retail chain of home improvement stores. It was started by Lucius S. Lowe in 1921. It was then inherited by his daughter Ruth in 1940. She sold it to her brother and he and Ruth’s husband were in the war so Ruth and her mother ran the store. They also carry appliances and these stores operate across the U.S. and Canada. The company’s annual revenue is around $46.9 billion. The company was established in 1946. The headquarters are located in Mooresville, North Carolina. Lowes President is Larry Stone and the Chairman is Robert Nib lock. The staff totals close to 210,000 and they are part of the Fortune 500 and rank at number 48. Lowes stock is at 40,000 products! Lowes operates stores in all 50 States. They expanded into Canada in 2007 and opened a store in Hamilton, Ontario. Lowes is the second largest hardware chain in the Unites States behind Home Depot but ahead of Menards.
Globally they are the second largest chain again behind Home Depot and ahead of the United Kingdom’s B&Q. The company had notions, dry goods, horse tack, snuff, produce and groceries. Then they bought a second store in 1949. The brother Buchan started the Lowes Food chain in 1954. By 1962 Lowes operated 21 stores and had a revenue topping $32 million. Lowes was competing with The Home Depot and had to become a big box store. Lowes has grown nationally with the purchase of Eagle Hardware and Garden in 1999. Lowes is organized into divisions regions, areas and districts and then the individual stores. A store can have anywhere from 80 to over 400 employees! Lowes decided to change their tagline from “Lowes Knows” to “Lets Build Something Together.”
In 2006 Lowes partnered with Marianne Cusato and drew out affordable house plans for the hurricane victims. They built the Lowes Katrina Cottage that can withstand hurricane weather. The main voice on their television commercials is the famous actor Gene Hackman! Lowes also sponsored the radio broadcast booth for the New York Yankees. Lowes has purchased the naming rights to Lowes Motor Speedway. In Canada there were three initial stores and then three more opened. Now there are additional stores under construction and scheduled to open in 2009. Each store represents an average investment of $20.5 million! Lowes was involved in some lawsuits that involved the employee payment system.