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August 2, 2005 |
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 Greg
BridgefordLowe's and its Future -- in Charlotte and the World! by John Galles Ed Lewis of the Charlotte Bobcats introduced Gregory M. Bridgeford, EVP of Lowe's Business Development as our speaker. He mentioned that Mr. Bridgeford oversees all aspects for business opportunity within the Lowe's corporation. He joined the company in 1982 and has served in numerous positions including VP for Corporate Development, SVP for Merchandising and SVP for Marketing. He received an MBA from Wake Forest University. Having settled in the Mooresville area, Bridgeford is well acquainted with the attributes of the Charlotte community and is proud that Lowe's has made its headquarters in this economic region. He outlined his presentation and promised that he would cover the company history, the "turnaround," the future, the connection with the community and the world. He recalled that the Lowe's story began in North Carolina more than 59 years ago when Carl Buchan, part owner of the North Wilkesboro Hardware Company, envisioned creating a chain of hardware stores. At that time, Lowe's was a typical small town hardware store selling everything from overalls and snuff to wash tubs and work boots. Buchan later bought out his brother-in-law partner, James Lowe. Foreseeing a post-World War II building boom, he concentrated on selling only hardware, appliances and hard-to-find building materials. By dealing directly with manufacturers and eliminating wholesalers, Lowe's instituted "Lowe's Low Prices." Sales grew and Buchan began opening stores throughout western North Carolina. When Buchan died, employees formed an ESOP and purchased the company from his estate. The company then went public in 1961. In 1982, Lowe's had its first billion-dollar sales year, earning a record profit of $25 million. Later in 1989, management conducted a customer survey and found that while customers loved them, they were also leaving Lowe's for its competition. Management made a pact to survive and organized a substantial turnaround. They created their "big box" stores averaging 116,000 square feet of retail selling space, much different from their average store in the 1980's with an average of 11,000 square feet. Lowe's stores now stock over 40,000 products and have another 500,000 available by special order. Today, there are 1,125 Lowe's stores in 49 states. Total sales exceeded $36 billion thanks to the efforts of more than 175,000 employees. It is now expanding into Canada and foresees future expansions around the world. They opened 140 new stores in 2004 and have plans for 150 new stores in 2005 and another 150 in 2006. Recent management changes saw the retirement of Bob Tillman who was replaced by Robert Niblock as President. Mr. Bridgeford mentioned that Lowe's selected the Charlotte region for its headquarters over many other communities including Chicago, Atlanta, Columbus, Dallas and Jacksonville. Situated on 157 acres off of I-77 at Exit 33, Lowe's expects to grow and contribute significantly to the community and its quality of life. They have already contributed to a new YMCA, a new Library and a new fire station in the Mooresville area. Head Table: Katie Tyler, Eric Carrig, Herb Harriss, Ed Lewis, Bill Nichols, Bob Webb Visitors & Guests: Invocation: Lamar Thomas; Visitors & Guests: Michelle Fish
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Revised: January 24, 2008.