Lowe’s is the second-largest hardware chain in the United States (previously the largest in the U.S. until surpassed by The Home Depot in 1989) behind rival The Home Depot and ahead of Menards. It is also the second-largest hardware chain in the world, also behind The Home Depot.
The company’s milestones:
1921 – L.S. Lowe founds Lowe’s North Wilkesboro Hardware. In addition to hardware and building materials, the store sold sewing notions, dry goods, horse tack, snuff produce and groceries.
1940 – L.S. Lowe’s son, Jim Lowe, takes over the hardware store in 1940 after his father’s passing.
1946 – Anticipating the dramatic increase in construction after World War II, Lowe’s joint-owner Carl Buchan re-focuses the company solely on home improvement products.
1949 – Lowe’s opens its second store, in Sparta, N.C.
1952 – With hopes of becoming a national chain, Carl Buchan becomes the sole owner of Lowe’s, ending his joint ownership with Jim Lowe.
1958 – Lowe’s reaches 344 associates. Lowe’s then shifts focus from DIY customers to Pros.
1961 – Lowe’s becomes a publicly-traded company on October 10, 1961.
1964 – Lowe’s serves one million customers annually for the first time.
1982 – Lowe’s has its first billion-dollar sales year, earning a record profit of $25 million.
1984 – Lowe’s is named a “Top 100 Best Companies to Work for in America” by Fortune Magazine.
1995 – Lowes.com is launched, marking the company’s entrance into the digital market.
1999 – The Lowe’s Employee Relief Fund is established to help associates through times of significant financial hardship.
2007 – Lowe’s expands outside of the United States in 2007, opening its first stores in Canada in December.
2010 – The U.S. Environmental Protection Agency (EPA) has named Lowe’s Companies, Inc. the first winner of the ENERGY STAR(R) Sustained Excellence Award in Retail.
2015 – Lowe’s continues its global approach to hardware and establishes an office in Bangalore, India.
2016 – Lowe’s expands its reach in Canada.
2017 – Lowe’s Names 2017 Innovation and Vendor Partners of the Year.
2021 – Lowe’s Companies, Inc. is a FORTUNE® 50 home improvement company serving approximately 20 million customers a week in the United States and Canada.
