It’s been a year of closures in retail, and now Lowe’s has announced that a bunch of its stores will get shut down early next year.
Here’s what you need to know:
Lowe’s will close 47 underperforming stores in North America by Feb. 1.
In the race to keep up with Home Depot — whose revenue hit more than $100 billion last year, compared to Lowe’s $70 billion — Lowe’s is closing some of its more sluggish stores to boost its overall profile.
Say goodbye to 20 stores across 13 states.
Basically, if your Lowe’s is within 10 miles of another Lowe’s, it might be closing.
These are the states being affected:
- New York
There are another 27 stores closing in Canada.
If your store is closing, look for closeout deals starting at 10-30% off.
While affected stores’ employees will move to nearby locations, the inventory won’t. They’re planning closeout sales in most of the stores, though no word on what will be marked down when.
But we can look to Lowe’s recent liquidation of its Orchard Supply Hardware chain a few months ago for some possible clues.
Orchard immediately followed the announcement of closures with a 10-30% off storewide sale, with prices dropping over the next several weeks.
Lowe’s is making a lot of changes, including focusing on construction pros.
They’re trying to cut into Home Depot’s dominance by gearing their products, services and discounts specifically to homebuilders and construction companies.
Lowe’s already shut down the 99 Orchard Supply Hardware stores it owns.
The company bought the chain for $205 million five years ago and then liquidated it earlier this year, leaving 4,300 employees without a job in Oregon, California and Florida.