|
|
Lowe's
Lowe's Companies, Inc.
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 210,000
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 serves over 13 million customers a week in its
over 1,400 stores in 49 states. Vermont is the only state without a Lowe's
store and with the exception of Wyoming, each of the other 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 45 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.
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 with B&Q 3rd.
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 400 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.
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 carries many brands - both proprietary and common - including:
* Bosch (tools/appliances)
* Black & Decker (tools)
* Char-Broil (grills)
* Choicedek (composite decking)
* DeWalt (tools)
* Fridgidaire (appliances)
* Husqvarna (power equipment)
* John Deere (power equipment)
* Kohler (bath/kitchen)
* Kobalt (tools)
* Maytag (appliances)
* Miracle-Gro (garden)
* Olympic (paint)
* Ortho (garden)
* Pella (doors/windows)
* Pergo (flooring)
* Portfolio (lighting)
* Roundup (garden)
* Samsung (appliances)
* Scotts (garden)
* Therma-Tru (doors/windows)
* TopChoice (lumber)
* Trex (composite decking)
* Troy-bilt (power equipment)
* Valspar (paint; formerly under the name American Tradition)
* Whirlpool (appliances)
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.
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.[citation needed]
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."
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/Impala 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.
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 and have another nine locations
approved through our real estate committee process...”"Lowe's Updates
Canadian Expansion Plans
Lowe's Mexico
Lowe's will expand to Mexico beginning in 2009. An expected three to five
stores will be built in Monterrey, which is currently the third largest city
in Mexico. The new operations will create up to 800 jobs, each store
representing an investment of $18-20 million USD.
Lowe's Benefits, Employment, and Culture
Lowe's offers comprehensive benefits to its employees including 401k,
employee stock purchase plans, medical coverage, tuition reimbursement, and
disability benefits. Six company holidays are standard including New Year's
Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and
Christmas Day. All holidays save Thanksgiving and Christmas are working
holidays, with full-time employees receiving an additional eight hours of
holiday pay and part-time employees receiving four.
Full-time hourly employees are entitled to two weeks of vacation after one
year of service, while salaried corporate employees with prior experience
often receiving two weeks of vacation immediately. Lowe's also offers a
comprehensive service reward to long-term employees, such as increased
vacation time and a series of gifts, ranging from a two-year pin to a
thirty-year Rolex watch. Lowe's strives to maintain equality in benefits
between corporate and store level employees to maintain a one-company
culture.
Lowe's offers a 410(k) plan for all employees with 90 days of service or
greater. 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 4.25%
Lowe's markets itself internally and externally as a customer-focused
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.
read the copyright
Current News: a dictionary of current search terms and popular interest topics.