Total Retail's Top 100 Fastest-Growing Retailers: Lowe's Grows Net Sales 10% With Acquisition, Tech Investments
Home improvement retailer Lowe’s capitalized on a strong housing market to attract and convert more first-time homeowners and do-it-yourself customers in 2016. The company generated net sales in excess of $65 billion in 2016, an increase of 10.06 percent from $59 billion-plus in 2015. (Lowe's ranked No. 25 on Total Retail’s seventh annual ranking of the 100 fastest-growing retailers based on year-over-year net sales.)
In addition to growing sales in 2016, Lowe’s added to its retail presence with the acquisition of Rona, a Canadian retailer and distributor of hardware, building materials and home renovation products. The deal, which closed in November, positions Lowe’s as the dominant home improvement company in Canada.
Lowe’s has also invested significantly in technology to improve the shopping experiences of its customers. The company partnered with software-powered retailer b8ta to create store-within-a-store outposts that feature connected “smart” devices that help users better manage their homes; launched Lowe’s Vision in conjunction with Google’s Tango technology, which enables users to visualize virtual home furnishings, fixtures and accents in their real living rooms, kitchens and bathrooms; and introduced LoweBot, a next-generation customer service robot, to select stores in the San Francisco Bay area.
“We’ve entered 2017 well-positioned to capitalize on a favorable macroeconomic backdrop for home improvement by continuing to execute on our strategies to expand customer reach and develop capabilities to anticipate and support their needs,” said Robert A. Niblock, Lowe’s chairman, president and CEO, in a company press release announcing its full year 2016 results. “We remain committed to making productivity a core strength and investing in future capabilities that will add the most value for customers. We have the vision, drive, plan and leadership team to deliver long-term value for customers.”