Lowe's Canada

Lowe's Canada, Inc. (/loʊz/), often shortened to Lowe's, was a Canadian Division of American retail company Lowe's specializing in home improvement.[3] Headquartered in Boucherville, Quebec, the company operates a chain of retail stores in the Canada. As of October 28, 2022, Lowe's and its related businesses operated 2,181 home improvement and hardware stores in North America.[2]

For other uses, see Lowe's (disambiguation).
Lowe's Canada, Inc.
TypeSubsidiary
ISINUS5486611073
IndustryRetail
PredecessorMr. L.S. Lowe's North Wilkesboro Hardware
FoundedDecember 10, 2007 (2007-12-10) in Hamilton, Ontario, Canada
Founders
  • Lucius Smith Lowe
HeadquartersEtobicoke, Toronto, Ontario,
Canada
Number of locations
More than 470 with subsidiaries
Areas served
Key people
Marvin R. Ellison (CEO)[1]
ProductsHome appliances, tools, hardware, builders hardware, lumber, building materials, paint, plumbing, flooring, garden supplies, plants, housewares, furniture, home decor, bedding, and curtains
RevenueIncrease CA$22445 (2023 02/03)[2]
Increase CA$1669 (2023 02/03)[2]
Increase CA$955.9 (2023 02/03)[2]
Total assetsIncrease CA$43708 (2023 02/03)[2]
Total equityDecrease CA$-14254 (2023 02/03)[2]
Number of employees
26,000 employees
Websitelowes.ca

The company operated in Canada until selling its operations (which will be consolidated under the RONA brand) to Sycamore Partners in 2023.

History

The first store outside the United States was in Hamilton, Ontario, Canada.[4] According to its website, Lowe's has operated/serviced more than 2,355 locations in the United States, Canada, and Mexico alone,[5] although the Mexican stores were closed in the late 2010s.[6]

Lowe's opened its first three stores in Canada on December 10, 2007, in Hamilton, Brampton and Brantford. On February 1, 2008, they opened three more stores in Toronto, East Gwillimbury, and a second store in Brampton as well as a new location in Maple (Vaughan).[7] Lowe's also expanded into western Canada, starting with three new stores in Calgary, Alberta. One of the three locations opened in late September 2010. The other two opened in early 2011. There are now stores in British Columbia, Manitoba and Saskatchewan. To date (2018) Lowe's has 62 locations in Canada. Each store represents an average investment of $20.5 million (US$20.4 million).[8]

In February 2013, Lowe's Canada hired former Walmart Canada and Loblaw Companies executive Sylvain Prud'homme as CEO.[9]

On May 11, 2015, Lowe's Canada announced that it would acquire the leases of 13 former Target Canada stores, as well as an Ontario distribution centre, for $151 million.[10]

In 2012, Lowe's attempted to buy RONA, Inc., a Quebec-based hardware chain. However, the deal was met with objections from RONA shareholders (particularly the Caisse de dépôt et placement du Québec) and operators of its franchised locations over concerns that the company could centralize its supply operations in the United States, and was eventually called off.[9] On February 3, 2016, RONA announced that it had accepted an offer to be acquired by Lowe's for CDN$3.2 billion, pending regulatory and shareholder approval. The division would remain under the leadership of Sylvain Prud'homme but would be operated out of RONA's headquarters in Boucherville. Lowe's maintained RONA's retail banners, "key" executives, and the "vast majority of its current employees" post-acquisition.[11]

In February 2020, Lowe's closed 34 lower performance stores, 26 that were under the RONA brand, 6 Lowe's stores, and 2 Réno-Dépôt stores.[12]

In November 2022, Lowe's agreed to sell its Canadian operations to the private equity firm Sycamore Partners for $400 million. The deal will transfer ownership of 450 corporate and independent stores that operate under several different names, including Dick's Lumber, Reno-Depot, Lowe's Canada and RONA.[13][14] Following the sale, the remaining Lowe's stores in Canada will be eventually renamed RONA.[15][14] The sale was completed on February 3, 2023.[16]

On July 27, 2023, ten Lowe's Canada stores were converted to RONA+ stores (RONA+ Ancaster, RONA+ Brantford, RONA+ Cambridge, RONA+ Hamilton, RONA+ Kitchener, RONA+ Niagara Falls, RONA+ Sarnia, RONA+ Waterloo, RONA+ Windsor East, RONA+ Windsor). [17]

On September 21, 2023, fifteen Lowe's Canada stores were converted to RONA+ stores (RONA+ Gloucester, RONA+ Pickering, RONA+ Nepean, RONA+ Sudbury (North), RONA+ London (South West), RONA+ Orleans, RONA+ Kanata, RONA+ Barrie (South), RONA+ Kingston, RONA+ Whitby, RONA+ Belleville, RONA+ South Oshawa, RONA+ East Gwillimbury, RONA+ London (North West), RONA+ Maple). [18]

Associated brands

See also

References
  1. Marvin Ralph Ellison: Chairman/President/CEO, Lowe's Companies Inc Bloomberg
  2. "Lowe's Companies Inc (LOW) Financial Summary". Retrieved May 8, 2023.
  3. "Lowe's". Fortune. Retrieved 2016-08-07.
  4. "Jobs at". www.theladders.com. Retrieved 2019-09-18.
  5. "About Lowe's". Lowe's.
  6. Howland, Daphne (November 20, 2018). "Lowe's closing Mexico operations". Retail Dive.
  7. "Lowe's Canada Store Locator". Lowe's Canada. Archived from the original on 1 December 2007. Retrieved 6 June 2019.
  8. "Lowe's says Canadian expansion 'on track'". CBC News. September 21, 2006.
  9. "Lowe's taps ex-Loblaws exec Sylvain Prud'homme to head Canadian unit". Financial Post. Toronto. Retrieved 3 February 2016.
  10. Carville, Olivia (11 May 2015). "Lowe's to buy 13 Target stores". Toronto Star.
  11. "Lowe's offers $3.2B to take over Canadian rival Rona". CBC News. Retrieved 3 February 2016.
  12. "Here are the stores Lowe's is closing in Canada in the new year". Global News. Retrieved 2020-10-31.
  13. Rogers, Jack (10 November 2022). "Lowe's Sells Canada Retail Business to Sycamore for $400M". Gloebest.com. Retrieved 22 December 2022.
  14. van Praet, Nicolas (November 7, 2022). "Lowe's exit from Canadian market signals hardware-sector shakeup". The Globe and Mail. Retrieved November 8, 2022.
  15. van Praet, Nicolas (3 November 2022). "Hardware giant Lowe's selling Canadian retail operations, including RONA, to private-equity firm". The Globe and Mail. Retrieved 4 November 2022.
  16. Powell, Mark (February 6, 2023). "Lowe's Completes $400M Sale of Canada Retail Unit to Sycamore". MDM. Retrieved February 7, 2023.
  17. "10 former Lowe's stores in southern Ontario convert to new RONA+ banner". Hardlines. Retrieved 2023-07-27.
  18. "More Lowe's Stores Set to Convert to the RONA+ Banner". Rona Inc. Retrieved 2023-09-21.
  19. Kass, Arielle (10 June 2012). "Private brands an edge for stores". Business. The Atlanta Journal-Constitution. Vol. 64, no. 162 (Final ed.). pp. D1, D5. Retrieved 2 January 2023 – via Newspapers.com.
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