Skip to comments.Lowe's Store Closings With 1,950 Job Losses Not Worthy
Posted on 10/17/2011 12:13:01 PM PDT by mandaladon
It's a good thing I heard this on the radio at about 11:00 a.m., because I might otherwise have missed it. With yours truly's opinion along for the ride, I'll let readers judge whether the news of the Lowe's home improvement chain announcing that it will close 20 stores and cut its new store opening plans by one-half to two-thirds deserved to be in the top ten business stories at the Associated Press as of 12:52 p.m.
Lowe's to close 20 stores
Home-improvement retailer Lowe's Cos. says it will close 20 underperforming stores in 15 states and cut 1,950 jobs in a move that it says will allow it to focus on more profitable locations.
Ten locations were closed Sunday; the other 10 will close in a month.
Before the closures Lowe's operated 1,725 stores.
Lowe's, based in Mooresville, N.C., also says it will only open 10 to 15 stores in North America annually beginning in 2012. Previously the company expected to open 30 stores per year. It will open 25 stores this year.
The front-page placement issue is important and becoming moreso, as news consumers get more of their news from computers, tablets and smartphones. If the headline doesn't show up on the electronic device (and it probably won't if it's not on the Business front page), users won't know to look for it.
Beyond that, the AP "somehow" decided not to include this pull quote which the Wall Street Journal found obviously newsworthy (the Journal also included the "severely cutting" opening slowdown in its headline):
(Excerpt) Read more at newsbusters.org ...
what the economists failed to take into account is that those holding the bag for the most part are baby boomers who are in the largest home they will own. Their kids will soon move away to start their own lives if they haven’t already begun to do so. This means that they will not be adding on. Why would they need more space for fewer people? Of course, when junior comes back to live with mom and dad due to all the hope change flying through the oscillating airfoil, Perhaps then there will be some home improvement occurring. Then again, perhaps they will just rent their own place because Mrs. Junior can’t stand living with her mother-in-law...
I am really sorry about this. I want a recovery as soon as possible.
10 bad stores out of 1,950? That is very good record on demographic studies for placing their stores.
They didn’t say Bender
I wonder myself
They didn’t say Bender
I wonder myself
In my area Lowes is better than HD.
In the South Metro Denver area, they are NOT near H.D.
Exactly what I was thinking. Conservatives prefer to do things for themselves, libs prefer to have others do the work.
On the sales floor, staffing is cut to the bare bones, putting more and more work onto fewer and fewer employees. The stress is felt at all levels. Store managers and ASMs who used to be nice people are uptight and snippy. People who can't take it are quitting making the situation even more stressful in the stores. For the rest who are left .... well, the hamster can only churn his wheel so fast. Ya know?
I do most of my hardware business at Lowes. I quite going to Home Depot after they became Homo Depot by sponsoring numerous “Gay” pride deviant parades.
Lowes’s is basically giving up on 5 markets and they’ll probably see a boost in sales at some of their neighboring stores...
Los Banos, CA —None within 20 miles.
Biddeford, ME —Three within 15 miles.
Old Bridge, NJ —Five within 12 miles.
Westminster, CA —Five within 10 miles.
Ellsworth, ME —Two within 20 miles.
Batavia, NY —None within 20 miles.
Denver, CO —Five within 10 miles.
Ionia, MI —None within 20 miles.
N. Kingstown, RI —None within 18 miles.
Aurora, IL —Three within 10 miles.
Rogers, MN —Four within 15 miles.
Emporia, VA —None within 20 miles.
Oswego, IL —Three within 15 miles.
Claremont, NH —None within 30 miles.
S. Tacoma, WA —Three within 10 miles.
Chalmette, LA —Five within 10 miles.
Hooksett, NH —Two within 10 miles.
Brown Deer, WI —One within 10 miles.
Haverhill, MA —Two within 12 miles.
Manchester, NH —One within 5 miles.
I'm a Contractor, and that's exactly what they are doing. Our business has shifted from 95% new construction : 5% everything else to the exact opposite. I've done three new houses this year. Everything else has been remodel, repair or additions. I work and live near three Lowe's and they are always busy with both home owners and tradesmen. Lots of illegals are moving away because the cash is drying up and you can't be paid under the table if the bossman has no cash. Even sure bets suffer in the obama economy.
And to think we have the lowest taxes in 50 years.
It is sad.
Lowes model was to drive out Home Depot so yes they built the stores in areas close to HD. They also tend to try and build wherever a Walmart goes up. They did not build in the Wisconsin and Minn areas until recently when Menards started moving into territory that Lowes was the leader in.
Until now, yes.
I just caught one of their new ads that walks thru an entire house with exploded-views of door locks, switches, appliances, frameworks, etc., which was pretty good!