who owns Lowes home improvement
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Lowe’s Companies
A Lowe’s store under construction in Charlotte, N.C., 2008. Image from Flickr user Willamor Media/James Willamor. Lowe’s Companies, Inc., headquartered in Mooresville, is a North Carolina-based building supply and home improvement firm that has grown into one of the nation’s largest retailers. Lowe’s was founded in 1921 in North Wilkesboro by I. S. Lowe as a single hardware store. Lowe soon brought his son and a son-in-law, Carl Buchan, into the business. Buchan became sole owner of Lowe’s in 1952 and oversaw its expansion to a chain of 15 stores by 1960. Lowe’s experienced rapid growth in the 1960s and 1970s, becoming a publicly held company beginning in 1961 after Buchan’s death. At about the same time, a profit-sharing plan was instituted for employees. In 1979 Lowe’s was listed on the New York Stock Exchange.
From 1999 to 2009, Lowe’s bought the naming rights to the Charlotte Motor Speedway, naming it the Lowe’s Motor Speedway. Image from Flickr user Dave Reid/daveried2..During its early years, Lowe’s sold its products mainly to professional contractors, and its store design resembled that of small local hardware stores. When Robert Strickland became chairman of the company in 1978, he implemented a marketing plan to target do-it-yourself homeowners. By the mid-1980s, following a national trend, more than one-half of Lowe’s sales were to nonprofessionals in the general public. Competing with Atlanta-based Home Depot, Lowe’s stores became huge, warehouse-style buildings. The company’s product line was also expanded beyond its large tool and building supply inventory to include appliances, home decorations, and garden products. By 2006 Lowe’s was the nation’s second-largest home improvement retailer behind Home Depot, with more than $43 billion in sales and 1,250 stores in 49 states.
Who owns Lowe’s?- A Brief History
Lowe’s retail company, which deals in home improvement, is the United States and Canada’s second-largest hardware chain. It used to be the largest hardware chain in the States until Home Depot overtook it in 1989. However, it still is ahead of the rival competitor Menards. Along with being the second-largest hardware chain in its origin country, it is also the second-largest globally. The first is Home Depot, but both of these chains are ahead of European competitors like Merlin, OBI, B&Q, and Leroy. Here, let’s know Who owns Lowe’s?
Lowe’s Companies Inc. is commonly known as Lowe’s and is headquartered in Mooresville, North Carolina. 2,197 retail stores are catering to hardware and home improvement currently in North America if we go by reports of February 2021. Lowe’s currently has a market capitalization of $137 billion. The company is currently under the leadership of Marvin Ellison, who was appointed president and CEO of the company in 2018.
Lowe’s owes its name to its founder L. S. Lowe who began this multimillion-dollar company as a local hardware store. The company was meant to stay in the family as Lowe’s daughter inherited it after his death. However, it went public in 1961 after the death of Carl Buchan. Lowe’s son-in-law. It is currently owned by a mix of institutional and insider shareholders and 21% of shares collectively owned by people from the general populace.
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Founding Family- Who owns Lowe’s?
Founded in 1921, Lowe’s was named after its founder L. S. Lowe (1879–1940), and was opened as a single hardware store in North Wilkesboro. In its initial years, Lowe’s target customers were professional contractors, and the store design of the first store was very much like that of a local hardware store. A family business through and through, Lowe soon welcomed his son as well as his son-in-law in the new business.
The company exchanged hands within the family after Lowe’s death. Ruth Buchan became the company owner, and she sold it to James Lowe, her brother, in the same year she inherited it. In 1943, James involved his brother-in-law Carl Buchan as a business partner. Bringing in Buchan was a great decision made by James as Buchan was the one who foresaw how important construction business would become post World War II.
LOW’S HISTORY
Lowe’s has grown from a small-town hardware store in North Carolina to one of the largest home improvement retailers in the world. We have a rich heritage of putting the people we serve at the heart of everything we do. This is our story.
First General Store Opens
L.S. Lowe founds Lowe’s North Wilkesboro Hardware. In addition to hardware and building materials, the store sold sewing notions, dry goods, horse tack, snuff produce and groceries.
Jim Lowe Takes Helm
L.S. Lowe’s son, Jim Lowe, takes over the hardware store in 1940 after his father’s passing. Shortly thereafter, Lowe served in WWII and offered his brother-in-law, Carl Buchan, part ownership in the company.
Lowe’s of Today is Born
Anticipating the dramatic increase in construction after World War II, Lowe’s joint-owner Carl Buchan re-focuses the company solely on home improvement products.
Growth in North Carolina
Lowe’s opens its second store, in Sparta, N.C.
Leadership and Growth
With hopes of becoming a national chain, Carl Buchan becomes the sole owner of Lowe’s, ending his joint ownership with Jim Lowe.
Growing Stronger
In 1958, Lowe’s reaches 344 associates. Lowe’s then shifts focus from DIY customers to Pros.
Lowe’s Goes Public
Lowe’s becomes a publicly-traded company on October 10, 1961. Roughly 400,000 shares are sold at $12.25 per share on the first day of trading.
One Million
Lowe’s serves one million customers annually for the first time.
Welcome to NYSE
On December 19, Lowe’s is listed on the New York Stock Exchange.
London Stock Exchange
Lowe’s is listed on the London Stock Exchange as of January 26, 1981.
One Billion
Lowe’s has its first billion-dollar sales year, earning a record profit of $25 million.
Best Company to Work For
Lowe’s is named a “Top 100 Best Companies to Work for in America” by Fortune Magazine
Entering the Digital Age
In 1995, Lowes.com is launched, marking the company’s entrance into the digital market.
Supporting Associates
In 1999 the Lowe’s Employee Relief Fund is established to help associates through times of significant financial hardship.
Fortune 100
Lowe’s is named a “Top 100 Best Companies to Work for in America.” by Fortune Magazine.
2007
International Company
Lowe’s expands outside of the United States in 2007, opening its first stores in Canada in December.
Expanding to India
In 2015, Lowe’s continues its global approach to hardware and establishes an office in Bangalore, India.
Northern Growth
Lowe’s purchases RONA in 2016, expanding its reach in Canada.
Marvin Ellison Joins Lowe’s
Robert Niblock retires and Marvin Ellison becomes president and CEO.
