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Last Updated:
2024-09-22 08:20:01

Lowe's

American home improvement retail company
American home improvement retail company

Lowe's, headquartered in Mooresville, North Carolina, operates over 2,100 home improvement stores in North America. It is the second-largest hardware chain in the U.S. and globally, following The Home Depot.

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1921
Founding of Lowe's as a small-town hardware store in North Carolina

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.

1940
Jim Lowe offers part ownership to Carl Buchan

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

1943
Buchan joins Lowe's business

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.

1945
World War II Service and Store Management

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

1946
Buchan takes over family business

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

1949
Lowe’s Refocuses on Home Improvement Products

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.

1952
Opening of Lowe's Second Store in Sparta, N.C.

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

1954
Jim Lowe starts Lowes Foods supermarket chain

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

1958
Lowe's Home Improvement store growth

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

1960
Owner's Death and Company Going Public

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

1961-10-10
Lowe’s goes public

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.

1962
Rapid Growth

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

1978
Lowe's Shift to Consumer Marketing

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.

1979-12-19
Lowe’s listed on the New York Stock Exchange

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

1981-01-26
Lowe’s listed on London Stock Exchange

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

1982
Lowe's Revenue Exceeds $1 Billion

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.

1984
Lowe’s recognized as Best Company to Work For

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

1989
Becoming Largest Hardware Store

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

1994
Modern Iteration of Lowe's

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.

1995
Entering the Digital Age

In 1995, Lowes.com is launched, marking the company’s entrance into the digital market.

1998
Acquisition of Eagle Hardware & Garden

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

1999
Establishment of Lowe’s Employee Relief Fund

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

2000
Lowe's Wood Sourcing Policy

In 2000, Lowe's implemented a policy ensuring that all wood products sold would not be sourced from rainforests.

2002-10
First Class Action Lawsuit against Lowe's in Shawnee, Kansas

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.

2004-06
Class-Action Lawsuit in Pennsylvania with 550 Employees

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

2004-08
Lawsuit by Former Lowe's Employees in Ohio

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

2006-09-22
Settlement of Lawsuits in New York, Indiana, and Kansas

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.

2007-12-10
Lowe's opens first three stores in Canada

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.

2010-03-01
Lowe's Wins Energy Star Sustained Excellence Award

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.

2011-08-31
Masters Home Improvement opens in Australia

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.

2013-02
Sylvain Prud'homme becomes CEO of Lowe's Canada

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.

2014-04-17
Lowe's Penalty for Lead Renovation Rule Violations

Lowe's paid a $500,000 penalty for violating the federal Lead Renovation, Repair and Painting Rule, aimed at managing lead dust during renovation activities.

2015-05-11
Lowe's Canada acquires former Target Canada stores

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.

2016-02-03
Lowe's acquires Rona, Inc.

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.

2018
Marvin Ellison becomes president and CEO of Lowe's

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

2019-06-27
Lowe's announces construction of 23-story tower in Charlotte

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.

2019-08-19
Lowe's Transformation into a Retail Giant

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.

2020-01-28
How a simple bet led to a lifelong career at Lowe’s

The story narrates how a casual bet transformed into a long-lasting profession at Lowe’s. It highlights the journey of an individual within the company.

2020-03-06
Lowe's Fine for Violating California's Air Quality Regulations

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.

2021
Lowe’s 100th Anniversary Celebration

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

2022-01-21
Lowe's Sustainability Initiatives Announcement

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

2022-03-11
Lowe's Centennial Celebration

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

2023-02-03
Sale of Lowe's Canadian operations completed

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.

2023-04-05
Lowe's 100-Year-Old Story Begins in North Carolina

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.

2023-04-28
Lowe’s gifts 92-year-old gardener with yard refresh

Lowe's surprises a 92-year-old gardener by refreshing his yard as a gift. The act of kindness brings joy and appreciation to the elderly gardener.

2024-02-27
Lowe's Reports Fourth Quarter 2023 Sales and Earnings Results

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

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Lowe's
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