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In 1921, Lucius Smith Lowe established the first Lowe's store in North Wilkesboro, North Carolina—a small general store selling an array of products from hardware and building materials to sewing notions and groceries.
This humble beginning marked the origins of what would grow into one of the largest home improvement retailers in the world. L.S. Lowe laid the foundation for the company through his general store, which set the stage for his son Jim and eventual business partner Carl Buchan to transition the focus to hardware and building materials in the 1940s.
Though L.S. Lowe sadly passed away in 1940, the company continues to this day to build upon the core tenets of customer service and community values that he instilled during that first decade in North Wilkesboro.
His influence persists through the Lowe's name and through the many customers served over 100 years since L.S. opened that first general store.
After the passing of his father L.S. Lowe in 1940, Jim Lowe took ownership of the family's general store in North Wilkesboro, North Carolina.
Having inherited a business selling everything from hardware to groceries, the younger Lowe initially maintained the general store model.
However, seeing the forthcoming expansion of the post-War construction industry, Jim brought his brother-in-law Carl Buchan into the company in 1943.
Together, they would soon shift the store's focus exclusively towards hardware and building materials.
Though Jim Lowe ultimately sold his stake in the business to Buchan in 1952, his foresight to capitalize on the growth of the hardware trade set Lowe's on the path towards becoming the national chain it is today.
By steering Lowe's towards home improvement and construction following World War II, Jim Lowe played an integral role in transforming his father's local store into an iconic American retail brand.
Carl Buchan joined Lowe's as a co-owner with Jim Lowe in 1943, bringing a keen business acumen and vision for growth.
Buchan anticipated massive construction demand following World War II and convinced Jim to shift their focus solely to hardware and building materials.
This move proved wise, as Lowe's expanded across North Carolina over the next decade.
By 1952, Buchan bought out Jim Lowe to become sole owner, then in 1958 incorporated the company formally as Lowe's North Wilkesboro Hardware.
With full control, Carl Buchan modernized operations to increase efficiencies, pioneered direct supply relationships with manufacturers, and grew the employee base tenfold by the late 1950s.
Though Buchan sadly passed away in 1960 at just age 44, his relentless drive to expand Lowe's from a single family store into a regional hardware chain set the wheels in motion for the national home improvement giant Lowe's is today.
More than any other early leader, Carl Buchan established the foundation that allowed Lowe's to blossom into the retail force it remains in present times.
Following the unexpected death of Carl Buchan in 1960, Lowe's endured a potential leadership crisis, even as the company was rapidly expanding. Stepping in to fill the void, a five-man executive team including Robert Strickland and Leonard Herring took the reins to guide Lowe's into its next era of growth.
They quickly moved to take Lowe's public in 1961 under the corporate name Lowe's Companies Inc., issuing the first public stock offering to fuel further expansion.
Though Strickland and Herring's tenure in charge only lasted a year before a new CEO took over, their decisive actions to incorporate and go public after Buchan's passing secured crucial capital investment to steer Lowe's from a regional chain to a national player.
Their leadership and business acumen in this critical moment provided durability to the company just as it was elevating into a major force within the growing home improvement retail space.
For over a decade from 2007 to 2018, Robert Niblock served as CEO of Lowe's during a period of immense growth for the home improvement retailer.
With Lowe's firmly established as second only to rival Home Depot nationally, Niblock helped push expansion into Canada in 2007, acquiring several smaller chains along the way.
By 2011, Lowe's was generating over $50 billion in annual revenues, had advanced its Fortune 500 ranking into the Top 30, and operated over 1,750 locations across North America.
Niblock also focused on integrating technology and enhancing supply chain infrastructure to improve Lowe's omnichannel retail capabilities before retiring in 2018.
Though his tenure concluded just shy of Lowe's reaching the $100 billion revenue plateau, Robert Niblock's successful leadership steered the company through the Great Recession and positioned it to thrive leading into its centennial anniversary.
In 2018, Marvin Ellison became the first African American CEO of Lowe's, taking the reins of the company just two years shy of its 100th anniversary. Bringing over three decades of retail experience from senior executive roles at Home Depot and JCPenney, Ellison drove an emphasis on improving Lowe's operational efficiencies and omnichannel retail capabilities.
He also focused efforts on diversity, equity and inclusion within the Lowe's corporate ranks. As the company passes the $100 billion revenue mark in 2022, Ellison leads Lowe's into its second century aiming to further close the gap in market share with longtime rival Home Depot.
With Lowe's legacy rooted in the community-focused values of L.S. Lowe's original North Wilkesboro general store, Ellison balances advancing the company's digital transformation with strengthening its place and purpose in towns across North America.
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