Lowe's - History - Mooresville, NC
The Lowe’s story began in North Carolina when H. Carl Buchan, part owner of the North Wilkesboro Hardware Company, envisioned creating a chain of hardware stores. At the time, Lowe’s was a typical, small-town hardware store selling everything from overalls to wash tubs, work boots and even horse collars.
Carl Buchan later purchased the company from his brother-in-law and partner, James Lowe. Buchan anticipated the post-World War II building boom and concentrated on selling only hardware, appliances and hard-to-find building materials. By eliminating wholesalers and dealing directly with manufacturers, Lowe’s established a lasting reputation for low prices.
Sales grew over time, and Lowe’s stores opened in neighboring towns throughout western North Carolina. The company went public in 1961, and began trading on the New York Stock Exchange in 1979 (NYSE: LOW). During this time, U.S. housing starts soared and professional builders became Lowe’s loyal customers, comprising most of Lowe’s business.
In 1982, Lowe’s had its first billion-dollar sales year, earning a record profit of $25 million. Lowe’s stores then reported serving a new type of customer: do-it-yourself homeowners seeking to improve the value of their properties. Anticipating DIY needs while still accommodating contractors, Lowe’s began to enlarge its stores and expanded its merchandise offerings. The modern Lowe’s began in 1994, when its new store expansion consisted only of stores greater than 85,000 square feet of selling space. Expansion continues in North America as Lowe's plans to open 10
stores in 2012, with 103,000-square-foot stores in large markets and 94,000-square-foot stores in small to mid-size markets.
Lowe’s opened its first stores in Canada in December 2007 and opened its first stores in Mexico in February 2010.
Lowe's Fun Fact:
States with the largest number of Lowe's stores include North Carolina (77), Texas (63), Ohio (48), Florida (47), and Virginia (42). Typically, a Lowe's store consists of a sales floor approximately 120,000 square feet in size, as well as a lawn and garden center consisting of another 30,000 square feet.
Lowe's is one of the go-to stores for HVAC needs. They offer installation, free consultation and also offers the number 1 thermostat cover, StatguardPlus XL. It has a combination lock that prevents tampering and so easy to install. It is available in the stores and online.
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