Lowe's Companies: Building a One-Stop Shop for Home Improvement

Lowe's Companies has grown from a single hardware store in North Carolina into one of the largest home improvement retailers in the United States. Expanding on the rising demand for DIY solutions, the company scaled steadily through the second half of the 20th century, opening new stores and continually broadening its product offering. Today, its stores serve as one-stop shops for everyone from first-time homeowners to seasoned professionals. This is the story of how Lowe's grew from a small hardware store in Wilkesboro, NC, to 1,750 locations across the U.S.

• Wilkesboro: The first Lowe's store was opened in 1921 in Wilkesboro, North Carolina, and remained the only location for nearly three decades.

• Dividend King: With over 50 consecutive years of dividend increases, Lowe's ranks among the elite group of “Dividend Kings.”

• Total Home Strategy: Launched in 2020 and updated in 2025, Lowe’s strategy focuses on five key pillars to drive growth, strengthen customer ties, and boost efficiency.

The story of Lowe's Companies began in Wilkesboro, North Carolina, when Lucius Lowe opened a small hardware store in 1921. For the next two decades, the store operated under the name Lowe's North Wilkesboro Hardware, selling a mix of hardware, building materials, sewing supplies, dry goods, and groceries.

After Lucius passed away in the early 1940s, ownership first transferred to his daughter, Ruth, who sold it to her brother Jim Lowe. When Jim left to serve in World War II, Ruth and their mother took over day-to-day operations. Amid a challenging economic environment, the store struggled, prompting Ruth's husband, Carl Buchan, to approach Jim about joining the business. Jim agreed, and a new partnership was formed.

Buchan had bigger ambitions and believed that a post-war construction boom was coming after a decade of economic stagnation. Acting on this vision, he opened a second Lowe's store in 1949 and refocused the business on hardware, appliances, and hard-to-find building materials. Sales accelerated, and the company's expansion was officially underway. By the time Buchan passed away in 1960, Lowe's had grown to 13 locations across North Carolina.

The company went public in 1961, securing capital to fund further growth. For several decades, Lowe's primarily served professional contractors, but in the 1980s, it broadened its focus to include DIY consumers. Ever since, Lowe's has continued growing its assortment and store footprint to meet the needs of everyday home renovation projects – expanding far beyond its North Carolina origins.

Fast forward more than four decades, and the core of Lowe's business remains intact: providing homeowners and professionals with everything they need to build, repair, and improve their spaces. With a focus on convenience, value, and service, Lowe's has evolved into one of the largest home improvement retailers in the world.

Its wide-ranging assortment covers everything from lumber, tools, and appliances to paint, flooring, lighting, and outdoor equipment. Whether it's a small DIY upgrade or a full-scale renovation, Lowe's aims to offer a complete solution under one roof.

To support this, the company relies on a highly developed supply chain and inventory management system built over decades. This infrastructure ensures product availability across thousands of SKUs and supports a growing omnichannel offering, where customers can order online and pick up in-store or have products delivered directly to their homes or job sites.

As of early 2025, Lowe's operates approximately 1,750 stores across the United States and employs approximately 270,000 associates, ranking it among the country’s largest private employers.

Further reading: Marvin Ellison: Chairman, President, and CEO of Lowe's

While generalist retailers like Lowe's or Home Depot may not outperform specialists in every niche – such as Floor & Decor in hard-surface flooring or Sherwin-Williams in paints and coatings – they compete by offering breadth.

They may not be the very best in each category, but being consistently strong across the board is more than enough for most consumers. The ability to cover nearly every home improvement need under one roof is a powerful competitive advantage – one that reinforces Lowe's position as a true one-stop shop for renovation and repair projects.

As of 2025, Lowe's has maintained its position as not only one of the largest retailers in the U.S. but also one of the most financially resilient and consistent performers in the market.

A key part of that consistency is its disciplined capital allocation strategy, most notably its long-standing commitment to dividends. The company has paid and increased its dividend for over 60 consecutive years, earning it a place among the elite group of “Dividend Kings,” alongside the likes of PepsiCo, Coca-Cola, Walmart, to name a few.

To sustain its position in the home improvement market and support long-term growth, Lowe's has launched a framework named Total Home Strategy. First launched in 2020 but evolving in 2025, it is aimed at deepening customer engagement, strengthening operational efficiency, and expanding its presence both online and in-store. The strategy centers around five key pillars (sourced via Quartr Pro):

• Driving pro penetration: Establishing Lowe's as the go-to partner for professional contractors and tradespeople.

• Accelerating online sales: Enhancing its digital capabilities to meet growing demand for seamless, omnichannel experiences, especially among millennial and Gen Z consumers.

• Expanding home services: Growing its installation offerings to better serve customers from purchase to project completion.

• Creating a loyalty system: Improving its MyLowe's rewards program to increase engagement across both Pro and DIY segments.

• Increasing space productivity: Optimizing product assortments and tailoring inventory to meet regional needs more effectively.

Lowe's has come a long way from its first store in North Carolina, growing into one of the largest retailers in the U.S. Its success is built on a simple promise: to offer everything needed for home improvement, all in one place. From tools and materials to services and support, that focus remains its greatest advantage – and the reason millions start their projects at Lowe's.