![]() ![]() The company said that a "majority" of the shuttered stores are within 10 miles of another Lowe's location. Lowe's (LOW) will shut down 20 stores in the United States and 31 in Canada. Sales to home building pros make up around 45% of Home Depot's sales, but only around 30% of Lowe's sales, according to analysts at Wedbush Securities. He believes targeting professional home builders and construction companies with higher-quality tools and equipment, additional discounts, and better customer service will improve Lowe's. Ellison was a top executive Home Depot for more than a decade, and most recently served as JCPenney's (JCP) CEO.Įllison has already made some big strategic decisions, including closing all of its Orchard Supply Hardware stores and slashing inventory at its Lowe's stores. Lowe's stock price has also lagged behind its rival, leading to pressure from activist investors.Įarlier this year, Lowe's gave the reins to a home improvement veteran to turn around the company. Last year, Home Depot's revenue hit more than $100 billion, while Lowe's sales were below $70 billion. Lowe’s of E.But Lowe's is struggling to keep up with Home Depot. Lowe’s of Central San Jose, CA (Store 2842) Lowe’s of South San Francisco, CA (Store #2452) Lowes also said it plans to close or consolidate 4 non-store facilities. (Reno-Depot) 12330 Symons Valley Road NW, Calgaryģ35, Route 209, Sainte-Clotilde-de-ChateauguayĨ70, boulevard d’Iberville, Saint-Jean-sur-Richelieuħ23, boulevard L’Ange-Gardien, L’Assomptionĩ200, boulevard Maurice-Duplessis, Montréalġ00, rue du Parc Industriel, Saint Elzéar (Rona) 105-1015 Columbia Street, New Westminster The company will try to find jobs at nearby stores for its employees affected by the closings. The company said that a “majority” of the shuttered stores are within 10 miles of another Lowe’s location. Lowe’s ( LOW) will shut down 20 stores in the United States and 31 in Canada. Let The Home Depot do it for you Our qualified home experts are trusted for installs, repairs & remodels in Quincy, WA and get the job done right. Sales to home building pros make up around 45% of Home Depot’s sales, but only around 30% of Lowe’s sales, according to analysts at Wedbush Securities. He believes targeting professional home builders and construction companies with higher-quality tools and equipment, additional discounts, and better customer service will improve Lowe’s. Ellison was a top executive Home Depot for more than a decade, and most recently served as JCPenney’s ( JCP) CEO.Įllison has already made some big strategic decisions, including closing all of its Orchard Supply Hardware stores and slashing inventory at its Lowe’s stores. Lowe’s stock price has also lagged behind its rival, leading to pressure from activist investors.Įarlier this year, Lowe’s gave the reins to a home improvement veteran to turn around the company. Last year, Home Depot’s revenue hit more than $100 billion, while Lowe’s sales were below $70 billion. ![]() Lowe’s and its rival Home Depot have proven to be largely Amazon-proof, because Amazon does not sell lumber or other heavy, bulky home improvement products.īut Lowe’s is struggling to keep up with Home Depot. Others, including Sears, Kmart and Toys “R” Us, failed. Many successful retailers with big stores have adjusted their business strategies to make better use of their physical spaces. ![]() Retail stores are struggling to adjust to the rapid rise of online shopping, particularly from Amazon ( AMZN). “The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” said CEO Marvin Ellison, in a statement. Lowe’s said Monday that those locations are underperforming and the decision will help the hardware chain focus on its most profitable stores. In another sign of the times for retail, Lowe’s is closing 51 North American stores. Please look at the time stamp on the story to see when it was last updated. This is an archived article and the information in the article may be outdated. ![]()
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