company_name = Lowe's Companies, Inc.
company_type = Public (nyse|LOW)
slogan = Let's Build Something Together.
foundation = 1946 [ [http://lowes.mediaroom.com/index.php?s=history Lowe's History] ] (
North Wilkesboro, NC)
Mooresville, NC, North York, Ontario
key_people = Robert Niblock, CEO & Chairman Larry Stone, COO & President
industry = Home Improvement
num_employees = 210,000
Retail- Home Improvement
revenue = (2006)
homepage = [http://www.lowes.com/ www.lowes.com] , [http://www.lowes.ca/ www.lowes.ca]
Lowe's Companies, Inc. (nyse|LOW) is a US-based chain of
retail home improvementand appliance stores. Founded in 1946 in North Wilkesboro, North Carolina, the chain now serves over 14+ million customers a week in its 1,555 stores in every state and Canada. With the opening of the South Burlington, Vermontlocation, [ [http://www.wcax.com/Global/story.asp?S=7735557&nav=4QcS Lowe's Opens First Vermont Store] ] Lowe's now operates stores in all 50 states. Expansion into Canada began in 2007, with the opening of a store in Hamilton, Ontario.Lowe's Companies, Inc. is 48 on the Fortune 500[ [http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2686.html Fortune 500 List] ] list. As of 2008, the chain is based in Mooresville, North Carolina, about 30 minutes north of uptown Charlotte. Lowe's is the second-largest hardware chain [ [http://www.thestar.com/Business/article/258527 Lowe's targets Canada, No. 2 U.S. home retailer plans 100 store openings to tap into expanding, $39 billion market, Sep 20, 2007 04:30 AM, Toronto Star ] ] in the U.S. behind The Home Depotand ahead of Menards.
Lucius S. Lowe opened Lowe's North Wilkesboro Hardware in
North Wilkesboro, North Carolinain 1921. The business was inherited by his daughter, Ruth, when Lucius died in 1940. She sold the company to her brother, Jim, that same year. Jim Lowe and Ruth's husband, Carl Buchan, both served in World War II, and during the war, the store was run by Ruth and her mother. Jim took on Carl (honorably discharged after receiving an injury) as a partner in 1943.
Under Buchan's management, the store focused on hardware and building materials. Before then, the product mix had also included notions, dry goods, horse tack, snuff, produce, and groceries. The company bought a second store in
Sparta, North Carolina, in 1949.
Carl Buchan and Jim Lowe differed on expanding the company to new areas, and they split in 1952, with Buchan taking control of the hardware and building supply business, and Lowe taking other joint ventures the two controlled, including a car dealership. Buchan became the sole owner of Lowe's.
Buchan quickly expanded, opening stores by 1955 in
Asheville, Charlotte, and Durham, North Carolina. More stores opened through the 1950s.
In 1960, Carl Buchan died of a heart attack at age 44. His five-man executive team, which included Robert Strickland and Leonard Herring, took the company public in 1961. By 1962 Lowe's operated 21 stores and reported annual revenues of $32 million. [ [http://lowes.mediaroom.com/index.php?s=history Lowe's History] ]
Lowe's continued to expand throughout the southeast United States.
It suffered in the 1980s, due to market conditions and increasing competition from the new big-box chain,
The Home Depot. For a while, Lowe's resisted adopting the big-box format, partly because Lowe's management believed that the smaller towns where Lowe's mostly operated would not support huge stores. However, Lowe's eventually had to adopt the big-box format in order to survive. Today most Lowe's stores are of the big-box variety, though some classic format stores remain in smaller markets.
Lowe's has since grown nationally, aided by the purchase of Eagle Hardware & Garden in 1999. It is now the second-largest home improvement chain in North America, and has begun expanding outside the United States, starting with the Southern Ontario area. The first store outside of United States was in
Hamilton, Ontarioat Barton Street and Woodward Avenue.
Lowe's is organized geographically into Divisions (such as Southeast, West, Northeast), Regions, Areas, Districts and then the individual store. A Lowe's store can have anywhere from 80 to over 400 employees depending on the size and sales volume.
As with large retailers across
North America, Lowe's also owns and exclusively sells certain brands ("italicized") [ [http://tess2.uspto.gov/bin/showfield?f=toc&state=t38qda.3.1 Lowe's brands through LF, LLC at USPTO Search] ] . Lowe's is also one of the top 50 trademark applicants according to the United States Patent and Trademark Office[ [http://www.uspto.gov/web/offices/com/annual/2007/50329_table29a.html USPTO Top 50 Trademark applicants] ] . Some of the brands found at the Lowe's stores are:
* Alloc Inc (laminate flooring)
* Basic Blindz (blinds)
* Berry Floor/Royalty (laminate flooring)
* Bosch (tools/appliances)
Black & Decker/ DeWalt(tools)
* Char-Broil (grills)
* Choicedek (composite decking)
* EON(tm) Decking
Fisher & Paykel(appliances)
* "Harbor Breeze" (
Ceiling fans and accessories)
* Hillman (Fasteners and general hardware)
* Hitachi (Tools)
* Husqvarna (power equipment)
* John Deere (power equipment)
* Kohler (bath/kitchen)
* "Kobalt" (tools)
* Kraftmaid, Schuler, Diamond Reflections, Shenandoah (cabinets)
* Larson (storm doors/windows)
* Mosquito Shield (garden)
* Olympic (paint)
* Ortho (garden)
* Peachtree (doors/windows)
* Pella (doors/windows)
* "Perfect Flame" (Grills)
* Plumb Pak (plumbing supplies)
* "Portfolio" (lighting)
* Quikrete (building materials)
* Samsung (appliances)
* Scotts (garden)
* Sterling (Tubs)
* "Task Force" (Tools)
* Therma-Tru Doors(doors/windows)
* "TopChoice" (lumber)
* Trex (composite decking)
* Troy-bilt (power equipment)
* "Utilitech" (Electrical supplies)
Valspar(paint; formerly "American Tradition")
Lowe's offers customers about 40,000 products in stock and more through a Special Order Service.
Lowe’s was awarded the Energy Star retail partner of the year in 2004. Lowe’s was awarded for its outstanding contribution to reducing greenhouse gas emissions through promoting energy-efficient products and educating consumers and employees on the value of the Energy Star program. [cite web|url=http://www.csrwire.com/PressRelease.php?id=2465|title=Lowe's Named ENERGY STAR (R) Retail Partner of the Year|date=2004-02-05|accessdate=2008-05-06|publisher=CSRwire.com] In 2000, Lowe’s released a policy that will make sure all wood products they sell won’t come from endangered forests. "Our new environmental policy represents a major victory for the forests and our customers," said Bob Tillman, Chairman and CEO of Lowe's. "Our customers expect Lowe's to deliver the best quality lumber and wood products that have been responsibly harvested and produced by our suppliers." [cite web|url=http://www.socialfunds.com/news/article.cgi/335.html|title=Lowe's Launches Forest Protection Initiative|publisher=socialfunds.com|date=2000-08-11|accessdate=2008-05-06] However according to a new report released by the Environmental Investigation Agency, lumber that Lowe’s has been selling is coming from the forests of Indonesia’s remote Papua Province, where 80 percent of logging is estimated to be illegal. [cite web|url=http://news.mongabay.com/2006/0323-png.html|title=Home Depot, Lowe's selling illegal wood from Papua New Guinea-Report|publisher=
mongabay.com|author=Butler, Rhett A.|date=2006-03-23|accessdate=2008-05-06]
Advertising and sponsorships
Prior to 2006, the Lowe's
taglinewas "Improving Home Improvement," and before that was "Lowe's Knows." In 2006, Lowe's adopted the new slogan "Let's Build Something Together."
In 2006, Lowe's partnered with designer Marianne Cusato to develop and offer affordable house plans for the hurricane-affected Gulf region. Lowe's is the exclusive retailer for both the plans and building materials for the Lowe's
Katrina Cottage. They offer easy construction and affordability, as well as the possibility of expansion. Moreover, they meet all international building codes and exceed hurricane codes. [ [http://www.lowes.com/lowes2/2006_landing/Katrina_Cottage/KatrinaCottageFAQ.html Lowe's Katrina Cottages F&Q] ]
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. [ [http://www.imdb.com/name/nm0000432/otherworks Gene Hackman -other works] ]
In 2006, Lowe's began sponsoring the radio broadcast booth of the
New York Yankees. Frequently during every game Yankees announcer John Sterlingstates "We are coming to you live from the Lowe's Broadcast Booth. Lowe's: Let's build something together."
Lowe's and other landscaping companies landscape some areas of
Busch Gardens Europe.
naming rightsof Lowe's Motor Speedway(formerly "Charlotte Motor Speedway") in Concord, North Carolinain 1999. Lowe's Motor Speedway is home to several auto racingevents annually. In addition to the naming rights, Lowe's is also an associate sponsor of several Speedway Motorsports Inc. properties such as Atlanta Motor Speedwayand Bristol Motor Speedway. Lowe's, through its Kobalt brand, sponsors the spring race at Atlanta Motor Speedwayknown as the Kobalt Tools 500.
The corporation is the primary sponsor for 2006 & 2007
NASCAR Sprint Cupchampion Jimmie Johnsonin the #48 Chevrolet Impala SSand a part time sponsor of the #5 Nationwide Seriesteam; both teams are owned by Hendrick Motorsports. Prior to the current sponsorship deal with Hendrick Motorsports, Lowe's was the sponsor of the #31 Chevrolet for Richard Childress Racingdriven by Mike Skinner and Robby Gordonfrom 1997 to 2001. Prior to the RCR deal, Lowe's was the primary sponsor of the #11 Forddriven by Brett Bodinefor Junior Johnson And Associates, and later, Brett's own team, Brett Bodine Racing(after Bodine bought the #11 team from Johnson).
Lowe's also sponsors
Fernandez Racingin the American Le Mans Seriesand previously sponsored the team in the Rolex Sports Car Series; in that series, Lowe's sponsors the #99 Gainsco Stallings Racing Pontiac in events where Johnson is driving..
Toronto, Ontario, Lowe's Canada opened its first three stores on December 10 2007, in Hamilton, Brampton and Brantford. On February 1 2008, they opened three more stores in Toronto, East Gwillimbury and a second store in Brampton. [ [http://www.lowes.ca/store_locator.aspx Lowe's Canada Store Locator] ] Currently, a Barriestore is under construction.
Each store represents an average investment of $20.5 million ($20.4 million USD). [ [http://www.cbc.ca/money/story/2006/09/21/lowes.html Lowe's says Canadian expansion 'on track' ] ]
Lowe's benefits, employment, and culture
Six company holidays are standard including
New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. All holidays except Thanksgiving and Christmas are working holidays, with full-time employees receiving eight hours of holiday pay which can now be banked and utilized, and part-time employees receiving four.
Full-time hourly employees are entitled to two weeks of vacation after one year of service, three weeks after five years of service, and four weeks after fifteen years of service, while salaried corporate employees with prior experience often receive two weeks of vacation immediately. Lowe's also offers a comprehensive service reward to long-term employees, such as additional vacation time and a series of gifts, ranging from a two-year pin to a thirty-year
Lowe's offers a 401(k) plan is available after six months of employment. Employees are given a wide selection of mutual funds to invest in, as well as company stock. In addition, Lowe's contributes a baseline match to all employees following 180 days of service. Employees can contribute up to 50% of their paycheck, and the company will fully match the first 3% and partially match up to 6%.
Lowe's markets itself internally and externally as a customer-focused organization in contrast to
Home Depot, a contractor-oriented organization. While both companies employ specialists from their respective fields, Lowe's provides a supplemental commission-pay structure with a philosophy of retaining energized quality staffing, while Home Depot's employees are paid a flat salary. 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.
Lowe's class actions
Lowe's was involved in a small cluster of
class action lawsuits, that all revolve around Lowe's employee payment system.The cases focused on a pay practice known as "variable rate overtime". Variable rate overtime has the effect of paying a decreasing overtime rate the more hours a person works in a week. The suits alleged that salaried managers who worked between 40 and 50 hours per week, were improperly compensated for that time. The variable rate overtime ended in the first quarter of 2006.
The first case was filed in October 2002 by employees of the Lowe's store in
Shawnee, Kansas. In September 2005, the cases was certified as class action. Lowe's has four similar cases in New York, Indiana, Pennsylvaniaand Ohio. The lawsuits for New York, Indiana and Kansas resulted in an out of court settlement on September 22, 2006. [ [http://boston.com/business/articles/2006/09/22/lowes_to_settle_class_action_suit/ Lowe's to settle class-action suit, David Twiddy, AP Business Writer, September 22, 2006] ] The settlement was paid within the first two weeks of November 2007.Fact|date=December 2007
The lawsuit in Pennsylvania became a class-action lawsuit in June 2004, with 550 employees. [ [http://www.thetimes-tribune.com/site/news.cfm?newsid=14048254&BRD=2185&PAG=461&dept_id=416046&rfi=6 Class-action lawsuit faults Lowe's on OT, By James Haggerty, TRIBUNE STAFF WRITER, 02/28/2005] ] [ [http://www.omalleylangan.com/MWD_0723152057_001.pdf denial of Lowe's motion to dismiss] ]
The case in Ohio was filed by ten former Lowe’s employees, in August 2004. [ [http://www.lawsuitsearch.com/companies/lowes.aspx Liability For Back Pay Looms at Lowe's Stores] , LawsuitSearch.com, retrieved March 27, 2008]
The domain "lowes.com" receives at least 7 million unique visitors per month [
Compete.com[http://siteanalytics.compete.com/lowes.com?metric=uv survey] ] .
* [http://Lowes.com/ Lowes.com]
* [http://LowesCreativeIdeas.com Lowe's Creative Ideas Magazine]
* [http://Lowes.com/moving Lowe's Moving Center]
* [http://www.lowesracing.com/ Lowe's Racing]
* [http://www.lowes.ca Lowe's Canada]
* [http://lowesredapron.com Lowe's Red Apron] (unofficial site)
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Look at other dictionaries:
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