Loew's Home Improvement Warehouse
Lowe's Home Improvement Warehouse (NYSE: LOW) is a US-based chain of retail home improvement and appliance stores. Founded in 1946 in North Wilkesboro, North Carolina, the chain now operates over 1,225 stores in 49 states.
Vermont is the only state without a Lowe's store and with the exception of Wyoming, every other of the 48 states is home to multiple stores. (Incidentally, Wyoming is also home to a Loew's distribution center.) Lowe's Companies, Inc. is 42 on the Fortune 500 list. The chain is now based in Mooresville, North Carolina, about 30 minutes north of downtown Charlotte. It is now the second-largest hardware chain in the United States of America.
History
A typical Lowe's storefront, this one in Santa Clara, CA.
Loew's Home Improvement began as a single neighborhood hardware store in North Wilkesboro, North Carolina in 1946. Through growth and expansion, and later with the addition and rebranding of Eagle hardware stores, Lowe's has grown to be the largest home improvement store after Home Depot.
Safety
Lowe's takes safety very seriously and consistently reiterates safe working practices into its employees. Chairman and CEO Robert Niblock tells all new employees (via training video) that Safety is the number one priority at each and every Loew's Home Improvement store, distribution center, office and activities. A senior manager checks the store early every morning for safety, noting recent safety or policy violations in how products are displayed, stored, or other aspects of the store (e.g. fire extinguishers, emergency exits, shelves/racking damage, etc.) that are unsafe and these deficiencies are assigned to an employee to be corrected.
First Aid/CPR
Lowe's stores have a First Aid and CPR program wherein some employees are trained and certified at the expense of the store. Every store maintains at least one (usually two or more) well-stocked first aid kits that include biohazard/bloodborne pathogens clean-up kits/equipment.
Lowe's has never had a customer killed in one of their stores, a fact of which the company is very proud, and through their continuous training and emphasis on safety culture, Lowe's strives to continue that record of safe shopping. Serious customer injuries have ocurred, but none so serious as the deaths that have been the spotlight of "investigative journalism" TV shows which primarily direct their focus on Home Depot. Nonetheless, Loew's Home Improvement constantly encourages proactive Safety Culture in their stores to prevent even these less serious instances of customer injury.
Organization
Lowe's is organized geographically into Divisions (such as Southeast, West, Northeast), Regions (usually designated with a two-digit number), Areas, Districts and then the individual store.
Customer service
Loew's Home Improvement is completely focused on serving customers as its top priority (after safety, which is itself incorporated into customer service: "keeping our store and customers safe is great customer service," so to speak). Lowe's has ongoing yearly program for all employees and stores where stores are rated by secret shoppers, random calls and customer feedback and top performing stores become eligible for cash awards along with random drawings for bigger prizes.
Installation
Lowe's pushes their installation services heavily in-store and through advertising. Loew's Home Improvement contractors are licensed, bonded and insured businesses in the area that have applied to Lowe's and have met Lowe's standards, including background checks for all installers.
Special order
Another big push for Lowe's is special order merchandise, where a store sells products not stocked in the store but available from one of Loew's Home Improvement vendor companies. These can include Lowe's stocked products in unstocked sizes or quantities (such as rugs and light bulbs) or higher-end versions of stocked merchandise (such as outdoor powered equipment).
Projects versus products
Lowe's began focusing its advertising and paradigm for sales toward projects rather than products. This is a natural extension of add-on sales, but frames up purchases in the context of "what will I (as the customer) be doing with this purchase and what else do I need to complete that project?"
Business climate
Big Box - Lowe's is a Big-box store, that is, a retail warehouse environment.
Competition - Loew's Home Improvement primary competition is from Home Depot and Menard's.
International expansion - In June 2005, Lowe's announced its interest in the Canadian market. In March 2006, the company decided to open 10 stores in the Greater Toronto Area by 2007. Lowe's has a long term plan of opening 100 stores across Ontario and eventually in other provinces.
Advertising and public relations
Lowe's has attempted to position themselves as a more consumer-friendly alternative to their primary rival, The Home Depot. Many of their advertisements portray Loew's Home Improvement as an unintimidating warehouse catering to consumers and contractors equally. Lowe's corporate culture is very customer-service oriented and the company makes a point to be welcoming and inviting to consumers.
"Let's Build Something Together"
Prior to 2006, Lowe's tagline was "Improving Home Improvement." In 2006, Lowe's adopted the new slogan "Let's Build Something Together" in order to convey their emphasis on projects and their stores' ability to help consumers and contractors both with all aspects of their home improvement projects from start to finish.
Racing sponsorships
Loew's Home Improvement purchased naming rights of Lowe's Motor Speedway (formerly Charlotte Motor Speedway) in Concord, North Carolina, which is home to several auto racing events annually. The corporation also sponsors NASCAR Nextel Cup driver Jimmie Johnson in the #48 Chevy Monte Carlo and Busch Series driver Kyle Busch in the #5 Chevy; both teams are owned by Hendrick Motorsports. Lowe's also sponsors Adrian Fernandez and Mario Haberfeld in the Rolex Sports Car Series.
Television/Radio commercials
Lowe's has a wide variety of television and radio commercials. A significant number of different racing-inspired commercials can be seen and are often played outside of television race coverage. Loew's Home Improvement commercials include those targeting individuals, contractors, women and men equally.
Gene Hackman's voice can be heard on many commercial advertisements for Lowe's.
Employees and employment
A Lowe's store can have anywhere from 80 to over 200 employees depending on the size and sales volume.
Benefits
All Lowe's employees recieve employee discounts on merchandise and stock immediately upon hire. Part-time employees receive many of the other full-time benefits after completion of 90 days of employment, are eligible for benefits to varying degrees. Lowe's considers themselves to be one of the best companies to work for based largely on their wide-ranging benefits packages.
Discount
Unlike Home Depot, which gives its employees no discount on store merchandise purchases, Lowe's grants all employees a 10% discount, like many other (if not most) other retaillers.
401k
Lowe's has a 401k plan available to employees after completion of varying terms of service. They also provide a stock option with a 15% discount
Vacation
Employees generally become eligible for paid vacation after 6 months or a year of service.
Emergency procedures
Lowe's has a comprehensive list of policies, usually located behind a store's customer service desk, detailing the proper way to address circumstance ranging from fires and hurricanes to robberies or labor organizers.
Controversy
As with all large corporations, Lowe's has sparked some controversies ranging in size from very minor to nation-wide.
Labor unions
While Lowe's is not "anti-union," the company believes that organizing employee unions would be detrimental to workers and the company alike. Senior managers are given specific guidance for how to handle possible unionization legally and ethically while protecting the company and employee rights. In some areas of the country, Lowe's employees - either whole stores/distribution centers, departments, or class of employees - are unionized. Wages/salaries are confidential and discussion of individual pay is discouraged.
Corporate contact information
1000 Lowe's Boulevard
Mooresville, NC 28117
UNITED STATES
Phone: (704) 758-1000
Fax: (336) 658-4766
External links
Home Improvement Stores and Supplies
- Home Improvement Tools that every household must have
- Tips on Home Improvement Supplies
- Lowe's Home Improvement
- Home Improvement Stores
- About Sears home improvement
- Lowe's Home Improvement
Source: http://en.wikipedia.org/wiki/Lowe's
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