Author of Be Ready for Anything and Bloom Where You’re Planted online course
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
- Lowe’s:
- 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.
A and P and Sears both closed in a strip mall near my house. Those were the anchor stores for small mom and pop shops left behind as well as a post office. Thankfully, those shops weathered the storm and are still open. A Tractor Supply just opened where Sears was but that will impact the already quiet pet store/feed and grain on the other side of town. The small pet stores are having a tough time keeping up with Chewy.com and other online shopping.
No huge surprises here. Stores like Wal-mart and other big box stores are tightening their profit margins and cutting losses in areas where profits are diminished. The majority of the Lowe’s closings are in Canada and in the Northeast, and in a smaller part – California. In the US, we’re also seeing a population shift – people fleeing NY, east coast and California – going south, chasing jobs, money and quality of life. I think the closed store list reflects this. The underlying problem that no one is talking about is the cheap money corporate America has been living on is going away as the Fed raises interest rates. Companies have been buying back stock to buoy the stock prices for the longest stock market bull run in history. As you stated, it’s all crumbling from within. Get ready, because facade is collapsing fast.
Canada apparently not profitable. Also some states in US trying to be like Canada.
One of those stores (the one on Northern Ave in Sault Ste. Marie) is my favourite. I was peeved when I heard the news. They have the best garden and electrical section of any store in the Sault. I get the decision to close from a business perspective, but all those workers…man that’s going to suck for them.
We lost a Sears in one mall, a Penny’s in another mall and Herbergers stores all over the place. Ruby Tuesdays restaurants are closing in our metro as well. I’m sure that’s only the tip of the iceberg.
There’s one mall in my area that is almost completely vacant and while visiting another last night I noticed that it seems to be heading the same way. The Herbergers is all closed up, the Penny’s is demolished and becoming a fitness place and the Macy’s store suddenly has much wider aisles (less merchandise than usual)
I can’t help but think of the article I read a while back entitled, “What are we going to do with all the malls?”
some of them are starting to lease out “units” monthly. we’ll see how long that lasts. its partly because of social media. why go to the mall when you can do it electronically
Now that I’m 71 I’m not so interested in browsing all the aisles of any big chain. When Home Depot first opened in west Toronto I would drive 45 minutes, wander the aisles for a couple of hours, fill a shopping cart. A lot of the stock was things we hadn’t seen in Canada before unless you had access to a contractors supply house.
I’m not going to order lumber online, I want to pick my pieces, but a lot of items can be delivered within 2 or 3 days at a price comparable to buying in a store (where the help often isn’t much help at all). Years ago they hired plumbers, electricians, etc to tend speciality aisles but now that Ontario’s minimum wage is $14 we seem to have less knowledgeable people than ever.
I used to work in a HOME DEPOT. I reaĺly miss SEARS, specifically the Craftsman line of mechanics tools. The warranty was lifetime but you seldom needed to replace something because the quality was so high.
Unfortunately, Craftsman quality has gone down over the years. I still have Craftsman tools from at least 30 years ago. I’ll probably pass them on.
Word has it (FWIW) that some of the tools are now made in China.
I took a 1/2″ drive ratchet in a while back and got a ‘refurbished’ replacement…not exactly sure what that was all about
Big Box stores are closing to make room for detention centers, plain and simple. You just wait. I’m so glad I didn’t vote yesterday. The entire country of America is doomed….like, Debbie Wasserman Schultz won re-election?????
Most of the closings are in Canada. Who cares?
Half are in Canada. And decent human beings care. It’s all a sign of the times.
I think part of it is Lowe’s support of homosexuality. I avoid going to it and Home Depot for that reason. They are all for destroying the future of the nation for their customers and future customers.
Wow, Canada really took a hit.
JC Penney closed stores in smaller town malls and Harvey’s supermarkets closed around our area, we still have our store in a very small GA town but we’ve heard that it will eventually close as well. That leaves us with Walmart, IGA & dollar stores.
Lots of stores in California – which I can understand and a large number from Canada – which I don’t understand.
Just a comment. I noticed that both of the stores shown from Missouri are in really depressed parts of the St. Louis area. That is more likely the reason both of these stores are being closed.
We’ve had K-Marts close. Only one left in town, but I feel they’ll close soon also. Sears is off and on. We hear they’ll close and then they don’t . Only one Sears and Penney ‘s left.
The Wal-Mart we shop at, for paper products and such, I do not buy meat or fruits and veggies there. I know these products are inferior. There’s now a sign up by the meats that all meats are from the US, not China!
Anyway, something going on there. Peak shopping times and days ,there are no employees at the registars. The lines are long and slow. They have started putting in Self check out lanes. Now there are self checkout large lanes. Where there are the regular conveyer belt and an empty cart placed at the end. Then you use that cart and leave yours, etc.. My husband and I really believe this is to get people used to doing things themselves , and then no checkers at all. Maybe robots?
Now, at the Doctors office. Starting January, they will no longer accept cash !! So my $10 co-pay has to be debit, check, or credit card. Don’t understand that one. Of course no one at the office knows why. [ lying ?]
The world is getting scary.