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Lowe’s Companies, Inc. is an American chain of retail home improvement and appliance stores that has retail stores in the United States, Canada, and Mexico. Founded in 1946 in North Wilkesboro, North Carolina, the chain has 1,754 stores in the United States, Canada and Mexico. Expansion into Canada began in 2007, with the opening of a store in Hamilton, Ontario, in early 2008. Lowe’s started the construction of two stores in the Mexican city of Monterrey officially entering the Mexican market.
In 2011 Lowe’s released plans to build over 150 stores in Australia (as Masters Home Improvement) over the next five years, hoping to compete with the A$46 billion industry. As of 2010, the chain is based in Mooresville, North Carolina. Lowe’s is the second-largest hardware chain in the United States, behind The Home Depot and ahead of Menards. Globally, Lowe’s is also the second-largest hardware chain, again, behind The Home Depot and ahead of the European stores B&Q and OBI.
Lowe’s suffered in the 1980s, due to market conditions and increasing competition from the new big-box chain, The Home Depot. For a while, Lowe’s resisted adopting the mega-store format, partly because Lowe’s management believed that the smaller towns where Lowe’s mostly operated would not support huge stores. However, Lowe’s eventually had to adopt the big-box format in order to survive. Today most Lowe’s stores are of the big-box variety, though some classic format stores remain in smaller markets.
Lowe’s has since grown nationally, aided by the purchase of Spokane-based Eagle Hardware & Garden in 1999. It is now the second-largest home improvement chain in North America and has begun expanding outside the United States, starting with the Southern Ontario area. The first store outside of United States was in Hamilton, Ontario, at Barton Street and Woodward Avenue.
If you are interested in knowing more about the company, its statements, products, and special offers or discounts, please visit www.Lowe’s.com.
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