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Home » The History of Lowe’s – 100 Years of Home Improvement

The History of Lowe’s – 100 Years of Home Improvement

    Lowe’s, a globally recognized home improvement company, has a long history that dates back to 1921.

    It began as a modest local hardware store and expanded to become a worldwide leader focused on customer happiness.

    Currently, Lowe’s has been conducting a customer survey to shape the future better at www.lowes.com survey.

    Early Beginnings (1921-1945)

    Their story began when in North Carolina in 1921. The store sold more than just hardware items offering sewing materials, groceries, and horse tack. Upon L.S. Lowe’s death in 1940, his son Jim assumed control of the business. However, his World War II duties led him to bring his brother in law, Carl Buchan on board as a business partner.

    Post-War Vision and Re-Focus (1946-1961):

    In 1946, Carl Buchan foresaw a construction boom after the war. Keeping this in mind, he deliberately redirected Lowe’s business towards specialized home improvement items. His predictions were based on a thorough market study, and he accurately forecasted the high demand for home improvement products as soldiers returned home to start families.

    Buchan visualized a future made up of suburban homes that need renovations and prepared Lowe’s to cater to those necessities. This significant step involved an entire revamp of the business model. Goods like groceries, sewing materials, and horse care items were no longer sold. Instead, building supplies such as lumber, tools, paint, and hardware took their place on the shelves. The change was about more than just offering new products. It was also about providing customers with the resources necessary to complete their projects confidently.

    Growth and Going Public (1961-1984):

    In the early 50s’, Lowe’s had further expanded under Buchan’s ownership, intending to make it a nationwide chain. Despite Jim stepping down from ownership, he left his legacy carried forward through the name “Lowe’s.” The focus also steered towards professional contractors rather than DIY customers, which elevated the company further toward success. A significant landmark emerged in 1961 when it went public, highlighting its growth and prosperity. By 1964, it catered to a million customers each year.

    Lowe’s success continued to ascend through the forthcoming years. The company became part of the exclusive New York Stock Exchange in 1979, and its first year of billion-dollar sales was in 1982. Lowe’s also earned an honored position on Fortune Magazine’s “Top 100 Best Companies to Work For” list in 198.

    Entering the Digital Age and Global Expansion (1995-2021):

    In 1995, Lowe identified the internet potential and launched Lowes.com. Then, they secured their position in e-commerce. To show employee care, the Employee Relief Fund was created in 1999 to provide support during difficult times. Their consistent financial progress enabled them to make it to the prestigious Fortune 100 list in 2002.

    Focusing on global growth they opened an office in Bangalore in 2015. In 2018 Marvin Ellison assumed control as president and CEO, leading Lowe’s on a path of expansion. Marking a huge achievement, Lowe’s celebrated its centenary in 2021 serving clientele and communities.

    Lowe’s Today

    Currently, Lowe’s stands out as a home improvement front-runner, serving millions across over 1,700 stores in the United States. Over time, this corporation has managed successful transitions keeping up with market fluctuations and customer requirements. Tracing back from its initial smallscale status to now being recognized as an international tycoon. Lowe’s journey testifies to its vision, devotion, and unwavering commitment to providing everything necessary for customers to improve their homes.

    More on Wikipedia: en.wikipedia.org/wiki/Lowe’s.

    A detailed journey is available here.

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