![]() ![]() Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Nathaniel Meyersohn contributed reporting to this story (Reno-Depot) 12330 Symons Valley Road NW, Calgaryģ35, Route 209, Sainte-Clotilde-de-ChateauguayĨ70, boulevard d’Iberville, Saint-Jean-sur-Richelieuħ23, boulevard L’Ange-Gardien, L’Assomptionĩ200, boulevard Maurice-Duplessis, Montréalġ00, rue du Parc Industriel, Saint ElzéarĬorrection: A previous version of this story misstated how many stores Lowe’s plans to close. (Rona) 105-1015 Columbia Street, New Westminster The company will try to find jobs at nearby stores for its employees affected by the closings. Additionally, four offices and specialty facilities in Canada will also be closed. The company said that a “majority” of the shuttered stores are within 10 miles of another Lowe’s location. Lowe’s ( LOW) will shut down 20 stores in the United States and 27 in Canada. Sales to home building pros make up around 45% of Home Depot’s sales, but only around 30% of Lowe’s sales, according to analysts at Wedbush Securities. He believes targeting professional home builders and construction companies with higher-quality tools and equipment, additional discounts, and better customer service will improve Lowe’s. Ellison was a top executive Home Depot for more than a decade, and most recently served as JCPenney’s ( JCP) CEO.Įllison has already made some big strategic decisions, including closing all of its Orchard Supply Hardware stores and slashing inventory at its Lowe’s stores. Lowe’s stock price has also lagged behind its rival, leading to pressure from activist investors.Įarlier this year, Lowe’s gave the reins to a home improvement veteran to turn around the company. ![]() Last year, Home Depot’s revenue hit more than $100 billion, while Lowe’s sales were below $70 billion. ![]() Lowe’s and its rival Home Depot have proven to be largely Amazon-proof, because Amazon does not sell lumber or other heavy, bulky home improvement products.īut Lowe’s is struggling to keep up with Home Depot. Amazon offers free shipping on all holiday orders.Hasbro lays off hundreds after Toys ‘R’ Us bankruptcy.The typical store today averages 105,000 square feet of indoor retail space, interconnected with an e-commerce business that offers more than one million products for the DIY customer, professional contractors, and the industry’s largest installation business for the Do-It-For-Me customer. Today, The Home Depot is the world’s largest home improvement retailer with nearly 400,000 orange-blooded associates and more than 2,200 stores in the U.S., Canada and Mexico. The first stores, at around 60,000 square feet each, were cavernous warehouses that dwarfed the competition and stocked 25,000 products, much more than the average hardware store at that time. Our founders’ vision of one-stop shopping for the do-it-yourselfer came to fruition when they opened the first two Home Depot stores on June 22, 1979, in Atlanta, Georgia. In more than 2,200 stores across North America, we aspire to excel in service – to our customers, associates, communities and shareholders. Today, we’re proud to be the world’s largest home improvement retailer. When The Home Depot was founded in 1978, Bernie Marcus and Arthur Blank had no idea how revolutionary this new “hardware store” would be for home improvement and the retail industry.
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