Lowe’s Strategic Plan Including Swot Analysis

In: Business and Management

Submitted By belindal71
Words 1587
Pages 7
Lowe’s Companies is worlds the second largest home improvement retailer and its individual customers such as homeowners and renters are shopping for supplies to complete a wide array of do-it-yourself (DIY) projects. A large portion of Lowe’s customers are professional customers such as construction and trade, maintenance and repair. In 1989 Lowe’s pursued an aggressive growth strategy by replacing its smaller stores with larger warehouse stores. Lowe’s also expanded into new markets, through both internal growth and acquisition.

The Lowe’s headquarters is located in Mooresville, North Carolina. It grew from a small hardware store called “Lowe's North Wilkesboro Hardware” that opened in 1921 to what it is known as today. By 1945, Mr. Lowe’s son Jim and son-in-law H. Carl Buchan were running the stores. Lowe’s was founded in 1946 and Buchan bought out Jim Lowe in 1956, but retained the family name so as to keep the catchy slogan, “Lowe’s Low Prices.” Buchan quickly set out to expand the company’s territory by opening new stores in North Carolina, Tennessee, Virginia, and West Virginia. Lowe’s currently operates 1,835 home improvement and hardware stores across North America. In 2013, company revenues totaled $53.4 billion. (Merrill Lynch)

A typical Lowe’s store stocks approximately 40,000 items with hundreds of items available through special order. Some of those items include appliances, lumber, paint, millwork, building materials, lawn & landscape products, flooring and electrical. Lowe’s also offers installation services such as flooring, millwork, cabinets, and countertops. (Lowe’s 10k)

Lowe’s Companies competes with a number of traditional hardware, plumbing, electrical and home supply retailers, in addition to other chains of warehouse home improvement stores and lumberyards. For some products, Lowe’s also competes with discount stores, mail order…...

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