Lowe's to close 51 hardware stores - Oklahoma sites safe for now

Big-box hardware store Lowe's has announced plans to close 51 of its North American locations. Lowe’s Oklahoma stores are not included on the closure list.

"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.

Lowe’s had previously shuttered its Orchard Hardware locations.

Big-box retail stores continue to struggle with the continuing growth of online shopping. Whilst many retailers have successfully adjusted their stores to better resist that challenge others, including Sears, Kmart and Toys "R" Us, have 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.

Ellison, appointed CEO at Lowe’s after more than a decade with Home Dept 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.

The company said that a "majority" of the 51 shuttered stores are within 10 miles of another Lowe's location. 20 of the stores to be closed are within the US, 31 in Canada.

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 currently operates 29 stores in Oklahoma, none of which appear on the list.

A full list of closing stores can be found at :

https://newsroom.lowes.com/inside-lowes/lowes-store-closures-2018/