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Lowe's closing more than 50 stores in the US and Canada
06 November 2018, 08:17 | Vera Richards
Customers walk toward a Lowe's store in Hialeah Fla
Lowe's announced that the closures were part of its ongoing strategic realignment. Nineteen other stores in the US and 31 in Canada will also shutter their doors.
The company also says it will work to offer most associates at these stores opportunities to transition to a similar role at a nearby Lowe's store.
In total, the retailer is shuttering nine locations in Ontario, nine in Quebec, six in Newfoundland and Labrador, a pair in Alberta and one location in B.C. Lowe's also announced the closure of 20 USA locations.
"The decision to close stores is never one that we make lightly". 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.
Lowe's said the US stores are closing immediately. The retailer will attempt to relocate employees to nearby stores.
Lowe's expects to close the stores by February 1.
Shares in the company were unmoved by the announcement. In July, Lowe's received approval to move into a 110,000-square-foot space at a shopping center in Queens.
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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.
That includes, for instance, retooling inventory to ensure popular products are always in stock, and that Lowe's clears out unpopular products that gather dust on the shelves.
Lowe's and its related businesses operate or service almost 2,400 locations and employ more than 310,000 people.
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