In 1982, Lowe’s achieved its first billion dollar sales year and earned a profit of $25 million. By 1982, revenue exceeded $1billion.īy the mid-1980s more than half of Lowe’s sales were to non-professional contractors. Moreover, store hours and advertising increased. The new marketing campaign also included large posters that displayed household items in use, as opposed to signs. A store in Morganton, North Carolina was the first to adopt this plan. In this way, most consumers who came to purchase one product would have to walk past many items and hopefully purchase more. Interior and exterior items were placed in the front while tools and basic items were placed in the back. The store was remodeled after a supermarket with seasonal products placed at the front of the store. Lowe’s concentrated on selling appliances, hardware, and construction materials. Initially, Lowe’s biggest buyers were professional contractors but when Robert Strickland became CEO in 1978, marketing was directed to individual consumers and households, in a “do it yourself” model. During the next two decades, Lowe’s underwent rapid expansion, and by 1979, Lowe’s was a member of the New York Stock Exchange. He managed the chains growth to 15 stores by 1960. Carol Buchan became owner of the business in 1952 and stores were opened in Durham, Asheville, and Charlotte in 1955. Lowe died in 1940 and the business was sold to his brother Jim Lowe. Lowe’s was founded in 1921 by Lucius Lowe in Wilkesboro, North Carolina, as a small hardware store.
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