Lowe's is one of the largest home improvement retailer dealing in all kinds of furniture items. It was founded in 1946 in Mooresville, North Carolina. The company went public in 1961 and from 1982 it started to cater a new market segment ie Do it Yourself customers.
In any business, there are several companies & brands which compete with each other by offering similar products & services.
For any company to thrive, it is not only important for them to improve their own products, but to also look at what their competitor is offering.
Walmart is the leading Multinational retail corporation founded in 1962, and incorporated in 1969, it is headquartered in Bentonville, Arkansas. The company is a family business because it is mainly controlled by the Walton family. Walmart company operates across the globe with over 11,500 retail units in 28 countries and as e-retailers in 11 countries.
ALDI is a supermarket chain that was founded in 1946 in Germany by 2 brothers Karl Albrecht and Theo Albrecht who started off by taking over their mother’s store which was started in 1913. ALDI stands for Albrecht Discount and consists of 2 main groups ALDI SUD and ALDI NORD, each owned by Karl and Theo respectively with independent operations in different markets. ALDI has transformed itself from a small business to a globally renowned supermarket chain with an annual turnover of more than $90 billion, employing over 1,00,000 people in its 11,000 stores which are spread across 20 countries.
3. Home Depot:
The Home Depot is a home improvement supplies superstore that sells tools, construction products and services. It was founded in the year 1978. Home Depot has stores across North America, South America and The United Kingdom.
Having started its journey as online book seller, Amazon.com now can be called as global giant in online retail business. The founder of Amazon.com, Jeff Bezos attracted towards growth of internet reach in early 1990s and started this business in Seattle in 1995. Amazon is now a fortune five hundred company offering ecommerce, Prime Video, Amazon Music, AWS, Amazon Pay etc.
IKEA was founded by Ingvar Kampard in 1943 and its headquarters are in Sweden. It Provides its customers low cost functional furniture which is easy to assemble. The main financial principle of IKEA is to grow using own resources.
6. Best Buy:
Best Buy, an American multinational, headquartered in Richfield, Minnesota is a consumer electronics retailer. It was founded in 1966 as an audio specialty store by Richard M Schulze. Best Buy operates in two geographical segments, ie, Domestic and International.
Target Corporation is one of the largest discount retailer and mass merchandiser in the United States. It offers everyday essentials at discounted prices. The company was founded by George Dayton in 1902 and was called “Goodfellow Dry Goods” at that time.
LIDL is one of the leading retail chains in the world based out of Germany with more than 12,000 outlets. The brand has an annual revenue in excess of €100 billion making it one of the largest retailer brands in the world. Globally, more than 300,000 people are employed with LIDL.
To conclude, the above article highlights the various competitors which compete with Lowe's. This understanding helps to evaluate the various external business factors for any company.
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