Lowes Inc. is a Fortune 500 company that deals in the retail of home improvement services and appliance products and stores. Lowes was founded in 1946 in North Carolina and handles these retail operations in the United States, Canada, and Mexico. The American based retail home improvement and appliance stores have a chain of 1,840 stores in the US, Canada, and Mexico.
Lowe’s stands to be the second-largest hardware chain of stores in the United States after Home Depot and before Menards. On a global scale, it is also the second-largest hardware chain company after Home Depot and before B&Q and OBI.
The Foundation Of Lowes
Between when the company was a start-up and now, it has seamlessly grown to own some records to its name. Lowe’s moves from a small hardware store to the 2nd largest home improvement retailer globally. It is also the 8th largest retailer in the U.S. and 19th largest retailer in the world.
The story of the fortune 500 company started in North Carolina when H. Carl Buchan envisioned creating a chain of hardware stores. Before it got into the hands of Buchan, the first Lowe’s store was first opened in North Wilkesboro in 1921. “Lowe’s North Wilkesboro Hardware” started from Lucius Smith Lowe who became deceased in 1940 with Ruth & Jim as successors. After Lowe died in 1940, the business was inherited by his daughter Ruth but was later sold to Jim.
Jim later brought in Carl Buchan as a partner in 1943 when Lowe’s was still a small-town hardware store. The store was selling
- Wash Tubs
- Work Boots and
- Horse Collars
Both partners had a split of the company in 1952 and later Buchan became the sole owner while Lowe started out the Lowes Foods grocery store chain. Buchan anticipated the post-World War II building boom and focused on selling only hardware, appliances, and hard-to-find building materials.
This helped him eliminate wholesalers to start dealing with manufacturers which brought about the permanent reputation for low prices. The company in 1961 became a public traded and had its first billion-dollar sales year of $25 million (1982).
After this breakthrough, the company directed focus to the do-it-yourself set of homeowners, enlarging its stores and merchandise services. Expansion got to Canada in December 2007, Mexico in February 2010 and North America with new 10 stores in 2012,
These new stocks can stock up to 40,000 products with enough spaces for Special Order offerings. They stock products needed for building, maintaining and beautifying homes with no change in the value as at when the company first started.
Lowes still offers high-quality home improvement products at every day low prices, how to best seize opportunities with the company, how best to apply for these opportunities as well as great customer service.