Lowe's
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| Lowe's Companies, Inc. | |
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| Type | Public (NYSE: LOW) |
|---|---|
| Founded | 1946 (North Wilkesboro, NC) |
| Headquarters | Mooresville, NC |
| Key people | Robert Niblock, CEO & Chairman Larry Stone, COO & President |
| Industry | Home Improvement |
| Products | Retail - Home Improvement |
| Revenue |  $43.2 billion USD (2005) |
| Employees | 185,000 |
| Slogan | Let's Build Something Together. |
| Website | www.lowes.com |
Lowe's Home Improvement Warehouse (NYSE: LOW) is a US-based chain of retail home improvement and appliance stores. Founded in 1946 in North Wilkesboro, North Carolina, the chain now operates over 1,300 stores in 49 states. Vermont is the only state without a Lowe's store and with the exception of Wyoming, every other of the 48 states is home to multiple stores. (Wyoming is also home to a Lowe's distribution center). Beginning in 2007 Lowe's will start to operate in Canada with up to 10 stores opening up in Ontario. In 2009 Lowe's will start to operate in Mexico opening between 3 and 5 stores in Monterrey. Lowe's Companies, Inc. is 42 on the Fortune 500 list. The chain is now based in Mooresville, North Carolina, about 30 minutes north of downtown Charlotte. It is currently the second-largest hardware chain in the United States of America.
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[edit] History
Lowe's began as a single neighborhood hardware store in North Wilkesboro, North Carolina in 1946. Through growth and expansion, and later with the addition and rebranding of Eagle Hardware stores, Lowe's has grown to be the 2nd largest home improvement store after Home Depot.
[edit] Organization
Lowe's is organized geographically into Divisions (such as Southeast, West, Northeast), Regions (usually designated with a two-digit number), Areas, Districts and then the individual store. A Lowe's store can have anywhere from 80 to over 200 employees depending on the size and sales volume. Lowe's is a Big-box store, that is, a retail warehouse environment, its primary competition is from Home Depot.
[edit] Advertising and Sponsorships
Prior to 2006, Lowe's tagline was "Improving Home Improvement." In 2006, Lowe's adopted the new slogan "Let's Build Something Together."
Lowe's has a wide variety of television and radio commercials. A significant number of different racing-inspired commercials can be seen and are often played outside of television race coverage. Gene Hackman's voice can be heard on many commercial advertisements for Lowe's.
In 2006 Lowe's began sponsoring the radio broadcast booth of the New York Yankees. Frequently during every game Yankees announcer John Sterling states "We are coming to you live from the Lowe's Broadcast Booth. Lowe's: Let's build something together." (Sterling pronounces together as togetha.)
[edit] Racing sponsorships
Lowe's purchased naming rights of Lowe's Motor Speedway (formerly Charlotte Motor Speedway) in Concord, North Carolina in 1999. Lowe's Motor Speedway is home to several auto racing events annually. The corporation also sponsors the 2006 NASCAR Nextel Cup champion Jimmie Johnson in the #48 Chevy Monte Carlo SS and Busch Series driver Kyle Busch in the #5 Chevy; both teams are owned by Hendrick Motorsports. Previous to the current sponsorship deal with Hendrick Motorsports, Lowe's was the sponsor of the #31 Chevrolet for Richard Childress Racing from 1997 to 2001. Drivers during this period included Mike Skinner and Robby Gordon. Before that, Lowe's was the primary of the #11 Ford driven by Brett Bodine for Junior Johnson Motorsports, and later, Brett's own team, Brett Bodine Racing (after Bodine bought the #11 team from Johnson).
Lowe's also sponsored Fernandez Racing in the Rolex Sports Car Series and later in the American Le Mans Series when the team switched championships.
[edit] Lowe's Canada
Lowe's Canadian unit will start up operations in Ontario with up to 10 stores by the end of 2007 and will be based in Ontario, headquarters of Home Depot Canada.
The initial stores are projected to open in the second half of 2007, each creating up to 175 jobs. Each store represents an average investment of $20.5 million ($18.5 million USD).
A news release on Lowe's website stated that "we’re breaking ground on our first location in Hamilton, have identified additional locations in Brantford, South Brampton and Toronto (Scarborough, Ontario) and have another nine locations approved through our real estate committee process...”"Lowe's Updates Canadian Expansion Plans
[edit] Lowe's Mexico
Lowe's Mexican unit will start up operations in Monterrey opening between 3 and 5 stores in 2009, and will be based in Monterrey. The new operations will create up to 800 jobs, each store representing an investment of $18 million USD and $20 million USD.
[edit] Lowe's Benefits, Employment, and Culture
Lowe's offers comprehensive benefits to its employees including 401k, medical, and disability benefits. Many corporate employees express misgivings with the limited amount of company holidays, expensive medical coverage, and limited continuing educational benefits.[citation needed] These policies are typical of retail companies trying to minimize overhead expenses.[citation needed] Lowe's does have a 401k plan with company matching contributions increasing with greater seniority,[citation needed] although in 2007 the "performance match" aspect of the plan was discontinued.[citation needed]
Six company holidays are standard including New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Employees are often offered two weeks of vacation after one year of service with salaried corporate employees with prior experience often receiving two weeks of vacation immediately. Lowe's strives to maintain equality in benefits between corporate and store level employees to maintain a one-company culture.[citation needed]
Lowe's markets itself internally and externally as a customer-oriented organization in contrast to Home Depot, a contractor- and professionally-oriented organization. The marketing strategy between Lowe's and Home Depot is similar to the strategy between Target and Wal-Mart, with Lowe's stressing a softer and kinder image, appealing to women.
[edit] External links
- Lowes.com
- Lowe's Creative Ideas Magazine
- Lowe's Forum at Retail-Worker.com
- Lowe's Retire Rich 401k Details
- Business Week: A Sharper Edge for Lowe's
Categories: Companies listed on the New York Stock Exchange | Articles with unsourced statements since February 2007 | All articles with unsourced statements | Charlotte, North Carolina | Companies based in North Carolina | Hardware stores of the United States | Companies established in 1946 | NASCAR sponsors
