By now, just about everyone has watched one or more local stores close their doors for good. Lowe’s, a hardware and home improvement store that has been around for 72 years, is closing around 50 of their locations just after Christmas.
They’re the most recent victim of the retail apocalypse. Thousands of brick and mortar stores closed their doors this year as executives tried to staunch the bleeding in some companies and othersHere’ went bankrupt. Buyers are flocking to the internet to purchase their goods from companies with lower overhead (and thus lower prices.) And the economy, despite claims of grandeur, doesn’t seem to be thriving for everybody.
Why is Lowe’s closing stores?
It appears that Lowe’s store closures are in the “we must stop hemorrhaging money” category.
Lowe’s said Monday that those locations are underperforming and the decision will help the hardware chain focus on its most profitable stores.“The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” said CEO Marvin Ellison, in a statement. (source)
They’re also struggling to keep up with their competitor, Home Depot. Home Depot’s revenue last year exceeded $100 billion, but Lowe’s revenue was not quite $70 billion. Lowe’s stock prices are also lower than those of Home Depot.
“Industry experts have said that Home Depot has better real estate than Lowe’s and has invested more in its e-commerce fulfillment.” (source)
Here are the Lowe’s stores that are marked for closure.
The closures are split between Canada and the US. (List via CNN)
- 1100 Bankhead Hwy SW, Graysville
- 26501 Aliso Creek Rd, Aliso Viejo
- 13300 Jamboree Rd, Irvine
- 720 Dubuque Ave, South San Francisco
- 750 Newhall Dr, San Jose
- 48 Boston Post Rd, Orange
- 1333 Schaefer Rd, Granite City
- 7735 Grand Ave, Gurnee
- 6221 US Hwy 6, Portage
- 5770 Read Blvd, New Orleans
- 599 Thomas Burgin Pkwy, Quincy
- 4274 E Court St, Burton
- 2100 T.A. Mansour Blvd, Flint
- 2015 Bassett Dr, Mankato
- 11974 Paul Mayer Ave, Bridgeton
- 3180 N Hwy 67, Florissant
- 2008 Broadway, New York
- 635-641 6th Ave, New York
- 250 South Conestoga Dr, Shippensburg
- 3500 W Airport Fwy, Irving
- (Rona) 105-1015 Columbia Street, New Westminster
- (Rona) 11520 — 24th Street SE, Calgary
- (Reno-Depot) 12330 Symons Valley Road NW, Calgary
- 1133 Dundas Street West, Mississauga
- 1692 Lakeshore Rd, Mississauga
- 132 Black Road, Sault Ste. Marie
- 943 Barry Downe Road, Sudbury
- 1575 Chemong Road, Peterborough
- 1452 Bath Road, Kingston
- 178 Water Street, Lakefield
- 6600 Yonge Street, North York
- 248 Northern Avenue, Sault Ste. Marie
- 335, Route 209, Sainte-Clotilde-de-Chateauguay
- 870, boulevard d’Iberville, Saint-Jean-sur-Richelieu
- 723, boulevard L’Ange-Gardien, L’Assomption
- 788, rue Moeller, Grandby
- 134, boulevard Sainte-Rose, Laval
- 9200, boulevard Maurice-Duplessis, Montréal
- 1200, rue Mantha, Rouyn-Noranda
- 194, rue Principale, Ange-Gardien
- 100, rue du Parc Industriel, Saint Elzéar
- 825 Conception Bay Hwy, Conception Bay
- 53-59 Main Highway, Goulds
- 1297 Topsail Road, St. John’s
- 60 O’Leary Avenue, St. John’s
- 710 Torbay Road, St. John’s
- 239 Conception Bay, Bay Roberts
Have you lost any major stores in your area?
Are any of these pending closures near you? Have you lost other stores in your area? Have store closures affected you negatively? Share your thoughts in the comments section below.