A look back at Lowe's journey from small family hardware store to retail giant

The history of Lowe's begins in North Wilkesboro, North Carolina, in 1921.

That's when Lucius Lowe launched a general merchandise store called North Wilkesboro Hardware.

After Lowe's 1940 death, the store went to his daughter Ruth. She sold the business to her brother Jim.

Ruth's husband Carl Buchan and Jim both served in World War II. During that time, Ruth kept the store running.

In 1943, Jim Lowe took on Buchan as a partner. In the following years, the company homed in on selling hardware to capitalize on the postwar construction boom.

Lowe's officially became a chain in 1949 and boasted 15 stores in total by 1960. But Lowe and Buchan would eventually break up their business partnership in 1952.

Lowe would go on to found a namesake grocery chain and a car dealership, while Buchan kept and expanded the hardware business, effectively launching the modern-day Lowe's business.

The hardware business changed hands again after Buchan's 1961 death. The businessman was only 44 when he died.

The executive team of Leonard Herring, Pete Kulynych, Joe Reinhardt, John Walker, and Bob Strickland took over in the wake of Buchan's death.

The leadership team enacted a profit-sharing plan to allow the employees to own the company. That same year, the business went public.

Lowe’s went public in 1961 and was listed on the New York Stock Exchange in 1979.

But 1979 also saw a new home-improvement rival arrive on the scene: Home Depot.

Home Depot introduced shoppers to the big-box format that Lowe's would come to adopt.

Lowe's said that 1984 marked the first year it raked in $1 billion in sales. That year saw the company net $25 million in profits.

Source: Lowe's

In a statement on its history, Lowe's said that the "modern" iteration of its company began in 1994. That's around the time the business began making national moves, even purchasing Eagle Hardware and Garden in 1999.

Lowe's also began to cross borders, moving into Canada and Mexico.

However, the chain was rocked by a series of store closures in 2018, and it ultimately shut down its Mexican operations.

Source: Reuters

Nonetheless, Lowe's still claims the title of the world's second biggest home-improvement retailer.

Source: Lowe's

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A look back at Lowe's journey from small family hardware store to retail giant

The history of Lowe's begins in North Wilkesboro, North Carolina, in 1921.

That's when Lucius Lowe launched a general merchandise store called North Wilkesboro Hardware.

After Lowe's 1940 death, the store went to his daughter Ruth. She sold the business to her brother Jim.

Ruth's husband Carl Buchan and Jim both served in World War II. During that time, Ruth kept the store running.

In 1943, Jim Lowe took on Buchan as a partner. In the following years, the company homed in on selling hardware to capitalize on the postwar construction boom.

Lowe's officially became a chain in 1949 and boasted 15 stores in total by 1960. But Lowe and Buchan would eventually break up their business partnership in 1952.

Lowe would go on to found a namesake grocery chain and a car dealership, while Buchan kept and expanded the hardware business, effectively launching the modern-day Lowe's business.

The hardware business changed hands again after Buchan's 1961 death. The businessman was only 44 when he died.

The executive team of Leonard Herring, Pete Kulynych, Joe Reinhardt, John Walker, and Bob Strickland took over in the wake of Buchan's death.

The leadership team enacted a profit-sharing plan to allow the employees to own the company. That same year, the business went public.

Lowe’s went public in 1961 and was listed on the New York Stock Exchange in 1979.

But 1979 also saw a new home-improvement rival arrive on the scene: Home Depot.

Home Depot introduced shoppers to the big-box format that Lowe's would come to adopt.

Lowe's said that 1984 marked the first year it raked in $1 billion in sales. That year saw the company net $25 million in profits.

In a statement on its history, Lowe's said that the "modern" iteration of its company began in 1994. That's around the time the business began making national moves, even purchasing Eagle Hardware and Garden in 1999.

Lowe's also began to cross borders, moving into Canada and Mexico.

However, the chain was rocked by a series of store closures in 2018, and it ultimately shut down its Mexican operations.

Nonetheless, Lowe's still claims the title of the world's second biggest home-improvement retailer.

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