Lowe’s Companies Inc. is the world’s leading home improvement retailer. Lowe’s carries out nearly 19 million customer transactions per week in the United States and Canada. Approximately 300,000 associates work at Lowe's, which operates or services nearly 2,200 home improvement and hardware stores. The market in which it operates includes home-related sales through a variety of businesses. This includes home centers, paint stores, hardware stores, lumber yards, garden centers, mass retailers, home goods specialty stores, and online retailers, as well as wholesalers that provide home-related products and services to homeowners, renters, businesses, and the government. There are many variables that affect consumer demand for the home improvement products and services Lowe’s offers. Key indicators it monitors include real disposable personal income, employment, home prices, housing turnover, and consumer mobility. In FY2021 Lowe’s had 1,971 stores after closing a net of 3 stores during the year.
There were 1,971 Lowe's home improvement and hardware stores in FY2022, totaling approximately 208 million square feet of retail space. These included 1,737 stores located across 50 U.S. states, as well as 234 stores in Canada.
During the third quarter of FY2018, Lowe’s announced to exit from its Orchard Supply Hardware operations and closed 20 under-performing stores across the US and 31 locations in Canada. It also made a decision to pursue its exit from certain non-core activities within its US home improvement business, specifically Alacrity Renovation Services and Iris Smart Home. It also planned to exit its Mexico retail operations consisting of 13 stores. This led to a net closure of 38 stores during FY2018.
In the second quarter of FY2016, Lowe’s also completed its acquisition of RONA, one of Canada’s largest retailers and distributors of hardware, building materials, home renovation, and gardening products. It acquired 245 stores that operate under various complementary store formats that address target customers and occasions. The acquisition helped the company to accelerate its growth strategy in the Canadian home improvement market and make progress on the integration of RONA in the second half of the year. The company added a net of 272 stores by the end of FY2016.
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