Lowe's

Lowe's originated as a small-town hardware store in North Carolina and has since evolved into one of the largest home improvement retailers globally, with a focus on customer service.

Shortly after taking over the hardware store, Jim Lowe extended part ownership in the company to his brother-in-law, Carl Buchan.

In 1943, Buchan, who was given an honorable discharge, joined Lowe's business after being offered a job by Lowe. This partnership marked a significant turning point for the business.

During World War II, Ruth's husband Carl Buchan and her brother Jim served in the war while Ruth managed the store.

In 1946, Buchan, a business visionary, took over the whole family business, maintaining the store name and focusing on expanding the business.

In 1949, anticipating the post-World War II construction boom, Lowe’s joint-owner Carl Buchan shifts the company's focus to home improvement products.

In 1952, Lowe's opened its second store in Sparta, North Carolina, marking a significant milestone in the company's expansion and growth.

Jim Lowe, with his own vision, founded the Lowes Foods supermarket chain in 1954, contributing to the family's business ventures.

By 1958, Lowe's Home Improvement store had over 300 employees and was thriving, catering to both professionals and DIY enthusiasts.

H. Carl Buchan's sudden death leads to his wife taking over and the company going public as Lowe's Companies Inc.

Lowe’s becomes a publicly-traded company on October 10, 1961, with roughly 400,000 shares sold at $12.25 per share on the first day of trading.

Within a year of going public, Lowe's operates 21 stores in North Carolina with $32 million in annual revenue.

In 1978, under CEO Robert Strickland, Lowe's transitioned its marketing focus from professional contractors to individual consumers and households, introducing a 'do it yourself' model. The store revamped its layout to resemble a supermarket, strategically placing seasonal products at the front to encourage additional purchases.

On December 19, 1979, Lowe’s was listed on the New York Stock Exchange, marking a significant step in its corporate history.

On January 26, 1981, Lowe’s was listed on the London Stock Exchange, marking a significant milestone in the company's history.

By 1982, Lowe's revenue surpassed $1 billion, showcasing the success of its shift towards consumer marketing and strategic store layout. This milestone marked the company's significant growth and financial achievement.

In 1984, Lowe’s was acknowledged as the Best Company to Work For, highlighting its commitment to employee satisfaction and positive work environment.

Through growth and acquisitions, Lowe's surpasses The Home Depot to become the nation's largest hardware retail chain.

Lowe's stated that its 'modern' company iteration began in 1994, coinciding with national expansion and the acquisition of Eagle Hardware and Garden in 1999.

Lowe's acquires Eagle Hardware & Garden, adding over 300 stores and purchasing naming rights to Charlotte Motor Speedway.

In 1999, the Lowe’s Employee Relief Fund was created to provide assistance to associates facing substantial financial difficulties.

The first class action lawsuit against Lowe's was filed in October 2002 by employees of the Lowe's store in Shawnee, Kansas, alleging improper compensation for salaried managers.

In June 2004, a class-action lawsuit was initiated in Pennsylvania against Lowe's involving 550 employees, focusing on compensation issues for salaried managers.

In August 2004, ten former Lowe's employees in Ohio filed a lawsuit against the company, alleging improper compensation and classification issues.

Lowe's settled lawsuits in New York, Indiana, and Kansas on September 22, 2006, related to improper compensation for employees, resulting in out-of-court settlements.

Lowe's opened its first three stores in Canada on December 10, 2007, in Hamilton, Brampton, and Brantford, marking its initial expansion into the Canadian market.

Lowe's received the Energy Star Sustained Excellence Award in Retail for its efforts in promoting energy-efficient products and educating consumers and employees about the Energy Star program.

Trading as Masters Home Improvement, the first store opened in Braybrook, Victoria, Australia on August 31, 2011, as a joint venture between Lowe's and Woolworths to compete against Bunnings.

In February 2013, Lowe's Canada appointed former Walmart Canada and Loblaw Companies executive Sylvain Prud'homme as its CEO, bringing in new leadership to drive the company's growth.

On May 11, 2015, Lowe's Canada announced the acquisition of the leases of 13 former Target Canada stores and an Ontario distribution centre, expanding its retail footprint in the country.

On February 3, 2016, Lowe's successfully acquired Rona, Inc. for CDN$3.2 billion, a significant move in the Canadian hardware retail sector, with plans to operate out of Rona's headquarters in Boucherville.

In 2018, Marvin Ellison took over as the president and CEO of Lowe's after Robert Niblock retired.

On June 27, 2019, Lowe's announced the construction of a $153 million, 23-story tower in Charlotte's South End neighborhood. The tower will serve as a global technology hub for Lowe's and is expected to house 2000 employees.

Lowe's, originally a small family hardware store, has evolved into a retail giant. The company's journey showcases significant growth and expansion in the retail industry.

Lowe's was fined $1,600,000 for breaching California's air quality regulations, including violations related to NOx emissions and asbestos from demolition activities.

Lowe’s marks its 100th year of providing service to customers and communities by hosting a centennial celebration.

Lowe's announced their sustainability initiatives focusing on product sustainability, value chain management, responsible operations, and the journey towards achieving net zero emissions.

Lowe's is celebrating its 100th anniversary with various events and activities to commemorate its long history in the retail industry.

The sale of Lowe's Canadian operations to Sycamore Partners was completed on February 3, 2023, marking a significant transition in the Canadian retail landscape.

Lowe's, a well-known home improvement retailer, originated as a small family business in North Carolina. The company has a rich history that spans over a century.

Lowe's released their financial results for the fourth quarter of 2023, detailing their sales and earnings performance during that period.