Lowe’s or Lowe’s Home Improvement is an American retail company that has been selling home improvement products for more than a century and helping its customers to transform their houses into homes. Besides selling a wide variety of products, this company also provides its customers with installation services and effective guidance for DIY installation. Lowe’s is the second-largest home improvement retail company in the USA as well as in the world, after The Home Depot. This retail company and its subsidiaries currently operate more than 1,700 retail stores in the USA. Lowe’s Home Improvement focuses to deliver products that will help homeowners, professionals, and renters to improve their houses and businesses. In the home improvement industry, Lowe’s is a big name because of its commitment to convenience, innovation, and customer satisfaction. To know more about Lowe’s home improvement products and services, continue to read this article.
| Lowe’s Home Improvement | |
| Company Name | Lowe’s Companies, Inc. or Lowe’s |
| Industry Type | Retail |
| Foundation | 25th March 1921, in North Wilkesboro, North Carolina, the USA |
| Founder | Lucius Smith Lowe |
| Current CEO | Marvin R. Ellison |
| Products | Home appliances, hardware, tools, lumber, builder’s hardware, building materials, plumbing, paint, flooring, plants, garden supplies, furniture, curtains, housewares, bedding, and home décor |
| Number of Locations | Serve in more than 1,700 locations in the USA & 9 Store Support Centers, including the headquarters in NC |
| Number of Employees | Over 300,000 |
| Headquarter | Mooresville, North Carolina, the USA |
| Subsidiaries | Maintenance Supply, Central Wholesalers, Headquarters |
| Areas Served | The USA |
| Website | www.lowes.com |
Lowe’s Home Improvement: History
Lowe’s has had an incredible journey starting from a hardware store in a small town to becoming the second-largest home improvement retailer in the world. Let’s look back at the key incidents of Lowe’s history of more than a century-
1921: Lucius Smith Lowe opened the first hardware store in 1921 in North Wilkesboro, North Carolina. This store used to sell hardware and building materials as well as horse tack, dry goods, sewing notions, groceries, and snuff products.
1940: Jim Lowe, the son of L.S. Lowe took over the hardware store after the death of his father. Later, his brother-in-law, Carl Buchan became the co-owner of the company during WWII.
1946: Considering the significant rise in construction after WWII, Carl Buchan started focusing only on home improvement products.
1949: Lowe’s second store was opened in 1949 in Sparta, North Carolina.
1952: Carl Buchan became the sole owner of the company with an aim to build a nationwide Lowe’s chain. However, he did not change the name of the company.
1958: The company reached 344 associates and shifted its focus from DIY clients to Pros.
1961: On 10th October 1961, Lowe’s became a publicly traded company and sold nearly 400,000 shares with a share value of $12.25 on the very first day of trading.
1964: For the first time, Lowe’s had more than one million customers in a year.
1979: The Lowe’s Home Improvement Company was listed on the NYSE or New York Stock Exchange on 19th December 1979.
1981: On 26th January 1981, the company was listed on the LSE or London Stock Exchange.
1982: Lowe’s had one billion-dollar sales this year for the first time and earned a profit of $25 million.
1984: Lowe’s came to Fortune Magazine’s list of the top 100 best companies in the USA.
1995: The company entered the digital market by launching Lowes.com in 1995.
1999: To help the associates during financial hardship, Lowe’s established the Employee Relief Fund in 1999.
2002: For the first time, Lowe’s joined the Fortune 100 with a revenue of $22B.
2015: With an approach to global expansion, Lowe’s established an office in Bangalore, India in 2015.
2018: In 2018, after the retirement of Robert Niblock, Marvin Ellison became the CEO and president of Lowe’s.
2021: Lowe’s completed 100 years of serving its customers by providing home improvement products.
Lowe’s Home Improvement Products, Services, & Income
Lowe’s generates revenue through multiple sources besides selling home improvement products, such as installation services, professional services, credit card programs, extended protection plans, and other business ventures.
- Lowe’s Home Improvement Products:
Lowe’s Home Improvement retail company sells various home improvement products, such as home appliances, hardware, tools, lumber, builder’s hardware, building materials, plumbing, paint, flooring, plants, garden supplies, furniture, curtains, housewares, bedding, and home décor. Lowe’s mainly earns by selling these products.
- Installation Services:
The company provides installation services for various products, including home appliances, windows, doors, and flooring. By providing installation services, Lowe’s generates additional revenue.
- Extended Protection Plans:
To provide customers with extra coverage benefits beyond the warranty of the manufacturer, Lowe’s has extended protection plans. These plans help the company to generate recurring revenue.
- Professional Services:
Lowe’s works with plenty of individual contractors to provide customers with professional services, including plumbing, painting, and electrical work.
- Credit Card Program:
The credit card program of Lowe’s is another significant way to attract customers by financing their purchases. This program helps the company to earn revenue from the fees and interests related to the program.
Apart from these sources, Lowe’s also earns from various other business ventures, including the development of new products and partnerships with different companies.
Lowe’s Home Improvement: Mission & Strategy
Over the years, Lowe’s has become one of the most noteworthy names in the home improvement retail industry. The key to this incredible success of Lowe’s is its outstanding customer service and effective relationships with its customers. The experienced staff of the company listen carefully to the needs of the customers and deliver effective solutions to meet their expectations. Besides efficient customer service, Lowe’s provides its customers with a variety of products for decorating, remodelling, home repairing, and maintenance. The company has a great network of professional installers who provide installation services for the installation of flooring, kitchens, windows, roofing, and many more. From contact centers to store associates and corporate teammates, Lowe’s works with a professional team of experts so that everyone gets the right support service in repairing, remodelling, and installation, as well as in-store support, in-home support, and job site support. This home improvement retail company offers competitive pricing for the products to attract customers. At Lowe’s, you will get discounts, sales, and promotions on a regular basis.
Lowe’s Home Improvement has been taking various effective strategies to provide customers with omnichannel retail and customer-centric experiences. The five major areas that Lowe’s focuses on in order to initiate market share acceleration are-
i) Initiate Pro penetration
ii) Encourage online businesses
iii) Expand installation services
iv) Initiate localization
v) Uplift assortment
Lowe’s Home Improvement: The YouTube Channel and Informative Resources
Apart from being a retail store, Lowe’s provides guidance and information on home improvement for homeowners. On the company’s official website, you will find plenty of articles, DIY project guides, and videos on home improvement topics. Lowe’s Home Improvement has also a YouTube channel where they offer home improvement videos, how-to-do videos, lawn care and landscaping ideas, DIY projects, and various other useful videos with step-by-step instructions. Lowe’s YouTube channel has more than 1.18 million subscribers and more than 1.2 K videos. You can check out this amazing informative YouTube channel.
Lowe’s Social and Environmental Engagement
Lowe’s engagement in local communities is admirable as the company encourages partnerships and takes philanthropic initiatives. The company works along with the associates to support and volunteer the community development projects. The workplace inclusivity, strategic philanthropic giving, and environmental stewardship programs of the company strengthen its ability to serve the local communities. Lowe’s pays significant attention to sustainability and takes effective steps to encourage eco-friendly choices. This is why this home improvement company produces various energy-efficient products from LED lighting to energy star appliances. The company conducts recycling programs for multiple products, including plastic plant pots, batteries, and fluorescent bulbs.
Conclusion
Lowe’s Home Improvement is one of the largest and foremost retail companies to provide a wide variety of home improvement products along with exceptional customer services and competitive pricing. The company also focuses on sustainable development and social engagement. There are also multiple challenges for Lowe’s, including intense competition, supply chain disruption, and economic declines. However, Lowe’s is optimistic about the demand for home improvement products despite the rising interest rates. Above all, Lowe’s Home Improvement has multiple opportunities to expand its business globally, grow its online businesses, diversify its products and services, and concentrate on sustainable development. As of now, Lowe’s serves over 17 million customer transactions every week in the USA and hopefully, the number will increase gradually.
