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Lowe's Companies, Inc. (NYSE: LOW) is a U.S.-based chain of retail home improvement and appliance stores. Founded in 1946 in North Wilkesboro, North Carolina, the chain now serves over 14+ million customers a week in its 1,616 stores in the United States and Canada. With the opening of the South Burlington, Vermont location, 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 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 in the U.S. behind The Home Depot and ahead of Menards. Globally, Lowe's is the world's second-largest hardware chain, again behind The Home Depot and ahead of Germany's OBI.
Lucius S. Lowe opened Lowe's North Wilkesboro Hardware in North Wilkesboro, North Carolina in 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. Lowe started the Lowes Foods grocery store chain in 1954.
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Filed under: Home Improvement + Tools
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