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Lowe's is closing 47 stores

In the face of a slowing housing market and competition from Home Depot, Lowe's has announced it will close 47 stores before the end of its fiscal year.

Posted: Nov 6, 2018 7:54 PM
Updated: Nov 6, 2018 8:02 PM

In another sign of the times for retail, Lowe's is closing 47 North American stores.

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.

Retail stores are struggling to adjust to the rapid rise of online shopping, particularly from Amazon (AMZN). Many successful retailers with big stores have adjusted their business strategies to make better use of their physical spaces. Others, including Sears, Kmart and Toys "R" Us, failed.

Lowe's and its rival Home Depot have proven to be largely Amazon-proof, because Amazon does not sell lumber or other heavy, bulky home improvement products.

But Lowe's is struggling to keep up with Home Depot. Last year, Home Depot's revenue hit more than $100 billion, while Lowe's sales were below $70 billion. Lowe's stock price has also lagged behind its rival, leading to pressure from activist investors.

Earlier this year, Lowe's gave the reins to a home improvement veteran to turn around the company. Ellison was a top executive Home Depot for more than a decade, and most recently served as JCPenney's (JCP) CEO.

Ellison has already made some big strategic decisions, including closing all of its Orchard Supply Hardware stores and slashing inventory at its Lowe's stores.

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. 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 (LOW) will shut down 20 stores in the United States and 27 in Canada. The company said that a "majority" of the shuttered stores are within 10 miles of another Lowe's location. Additionally, four offices and specialty facilities in Canada will also be closed.

The stores will be closed before Feb. 1, 2019. The company will try to find jobs at nearby stores for its employees affected by the closings.

Lowe's said it would close these stores:

Alabama

1100 Bankhead Hwy SW, Graysville

California

26501 Aliso Creek Rd, Aliso Viejo

13300 Jamboree Rd, Irvine

720 Dubuque Ave, South San Francisco

750 Newhall Dr, San Jose

Connecticut

48 Boston Post Rd, Orange

Illinois

1333 Schaefer Rd, Granite City

7735 Grand Ave, Gurnee

Indiana

6221 US Hwy 6, Portage

Louisiana

5770 Read Blvd, New Orleans

Massachusetts

599 Thomas Burgin Pkwy, Quincy

Michigan

4274 E Court St, Burton

2100 T.A. Mansour Blvd, Flint

Minnesota

2015 Bassett Dr, Mankato

Missouri

11974 Paul Mayer Ave, Bridgeton

3180 N Hwy 67, Florissant

New York

2008 Broadway, New York

635-641 6th Ave, New York

Pennsylvania

250 South Conestoga Dr, Shippensburg

Texas

3500 W Airport Fwy, Irving

British Columbia

(Rona) 105-1015 Columbia Street, New Westminster

Alberta

(Rona) 11520 -- 24th Street SE, Calgary

(Reno-Depot) 12330 Symons Valley Road NW, Calgary

Ontario

Rona:

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

Lowe's:

6600 Yonge Street, North York

248 Northern Avenue, Sault Ste. Marie

Québec

Rona:

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

Newfoundland

Rona:

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

Correction: A previous version of this story misstated how many stores Lowe's plans to close.

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