Lowe’s is a retail home improvement superstore that sells home improvement product and household appliances. The company founded in 1921 by Lucius. S. Lowe below the name Lowe’s North Wilkesboro Hardware in Wilkesboro, North Carolina.
After World War Two in 1946, Lowe took on his brother-in-law Carl Buchan as a partner. A second store opened in Sparta, North Carolina in 1949. Buchan being a smart business man anticipated the housing boom. He eliminated the wholesaler and dealt directly with product manufacturers, establishing a reputation for low prices.
The partnership of Lowe and Buchan split in 1952, Buchan became the sole owner of the hardware company and changed the name to Lowe’s. Buchan opened three more stores in North Carolina in 1955. Each Lowe’s superstore carries 40,000 products, with 500,000 items available online through the Lowe’s website. To give their companies the best value Lowe’s also offers private brand products.
Lowes is currently operating in the United States, Canada, Mexico and Australia. With 1830 stores and 260,000 employees. The revenue for 2013 was over 53 billion dollars. Lowe’s is a leader in the environmental, retail circles, having won 8 Energy Star Awards for sustained excellence in operation.
Lowe’s operates under a standard governance with a Mr. Robert Niblock as the chairman and the CEO.
