Lowe’s companies are one of the fortune 50 home improvement companies that are transforming the way business is done. The company serves about 18 million customers throughout America. Lowe’s is an American retailer that specializes in Home Improvement. HQ of the company is situated in Mooresville, North Carolina. The operations of Lowe’s company were initially started from the US, but now they extend to retail stores in Canada too. The total number of stores currently being run by the Lowe’s companies is 2,015, and they are spread throughout the territory of North America. Now, Lowe’s ranks as the second-largest hardware chain of America. The first position in this market is taken by The Home Depot while the third position is held by Menards. These three maintain a tough competition.
The very first branch of Lowe’s company began to operate back in 1921. This was situated in North Carolina by the name of North Wilkesboro Hardware. When the original founder of the company Lucius Smith died, his daughter inherited the chain. However, she was not interested in running the company herself which is why she sold it to her brother named Jim. It was Jim who carried on the name of Lowe’s company and operated it smoothly for a few years. Even though the tough market conditions in 1980 made it quite hard for the company to survive the market due to constant competition from the Home Depot, a few new strategies made sure the company retained its position in the market.
For the first few years, Lowe’s Company was hesitant to shift to a more mega-store format since its management wad of the view that customers from small towns would not support it, and the company would have to suffer a loss. However, due to the rising competition, Lowe’s finally took on the mega-store venture to stay in the market. Lowe’s still operates a few classic stores around the country. Even since then, the company has seen international growth. Due to this, the first store of Lowe’s opened in Ontario, Canada. As per the information on the website of the company, it is currently operating in 2355 locations in the US and Canada collectively.
The environmental record of Lowe’s has also been exceptional throughout its operations. The company has received eight collective energy start awards in the years 2003-2010. This means that the company practices energy conservation to its best during the development of its products. In 2010, Lowe won the Energy Star Sustained Excellence Award in retail due to its efforts towards the reduction of greenhouse gas emissions by the promotion of energy-efficient products. The company spread a lot of awareness among its customers regarding the value of the energy efficiency program. Lowe’s company is one of the biggest Home Depot сompetitors and stands toe to toe against the company.
While the home depot still retains the first position, the Lowes Company is not far behind. Both of these top two companies are also globally largest home furnishing chains
The competitors of Lowe’s company are as follows:
Therefore, now that you have all the information, you can make an informed decision.