Lowe's - a large big box retailer of Home Improvement supplies - abruptly closed 7 stores yesterday.
Could Salisbury be the next one slated - on the low performing stores hit list? Inquiring minds would like to know.
Lowes Update On Results Of Last Quarterly Earnings
I would not be the least bit surprised if either Home Depot or Lowes or possibly both board-up.
There just aren't enough customers buying goods to even pay the electric bill - much less the employees.
Two of the seven were within blocks of each other, and only a few blocks from yet others that were not closed, all in Chicago. The other five bring the total to less than .4% of the total currently open stores, with about 75 additional stores being built for opening with in the next year. They are not within blocks of existing stores.
ReplyDeleteWith last quarters earnings only falling $2 million from $832 million, it doesn't appear there is a threat to a store like Salisbury (which does considerably more business than Home Depot).
Lowes in Salisbury is a far better store than the Home Depot.
ReplyDeleteI like Lowes, I just wish I had more money to spend there as my house needs work.
ReplyDeleteLowes in Salisbury is rock solid!
ReplyDeleteThey are both pretty poor when it comes to customer service. All I ever hear in both stores when asking for help is - this is not my department, I don't really know, and they don't bother to get somebody for you that does know or it could be that there's nobody to get cause nobody knows. I really believe I could work in either store cause I don't know a blamed thing about plumbing, lumber, electricity or anything else they sell in there, but what the heck nobody else does either then I could be the one to say, well, this isn't my department and I don't know.
ReplyDeleteI wouldn't be surprised if one or both closed. Our unbridled growth that allows, even fosters, multiple retailers of the same merchandise helps this to happen. What happened when Barnes & Noble was allowed to come in, goodby B. Dalton and Altantic Book Store - and I believe Atlantic was locally ownd. Who goes next, Michaels?,thanks to Hobby Lobby. I am sure there are other examples of this.
ReplyDelete4:18 - Might try stead of hearing. Found folks in Lowe's to go out of their way to provide all the assistance you could want. If that's not what you get press the issue at the customer service counter and you'll be overwhelmed.
ReplyDeleteI will shop Lowes before Home Despot anyday!
ReplyDeleteTo 3:22
ReplyDeleteI hate to be the one to break the news - but Lowe's of Salisbury has laid off quite a few individuals. As a contractor - I can tell you first hand that they are not making the numbers. A high ranking employee informed me that they have been dropping money for some time now as a result of the recession.
Home Depot is not setting the world on fire either. It would not surprise me if either decided to board-up. These mammoth retailers need a lot of cash flow to sustain an operation.
I am in Lowes almost everyday. Saturday and Sunday are the only two days that business is relatively good. As for the other days of the week - there are more employees than there are customers.
ReplyDeleteI prefer Home Depot, I do get better service there. Anon 4:18 hit the nail on the head. I doubt the Salisbury store will close before other locations on the Eastern Shore.
ReplyDeleteJim Cramer really ripped Lowes in his commentary yesterday. He said that Home Depot was a better stock choice.
ReplyDeleteI've also heard skeptics critisize Lowes for expanding during the recession. Home Depot didn't expand like Lowes.
This is very interesting. I'm sure that Wicomico County's impact fees have helped to dampen business for both of these large retailers. With the impact fees + a major recession, this does not surprise me. Almost all of the other lumber companies have closed and I know Dealers Building Supply has cut back tremendously. I believe either one - HD or Lowes - could close in light of the economy.
ReplyDeleteWith the recent increase in taxes in Illinois, I am not surprised that their economy is suffering to the extent that Lowe's decided to close several stores in that market. I believe that this is the tip of the iceberg over there, and there will be much more similar closings to come.
ReplyDeletePoliticians take note: You want to increase taxes in a down-turned economy? This can be the result ...
the problem with all these big stores is competitive price demands on manufacturers has driven down the quality and make of what once were respected household and shop BRANDS
ReplyDeletenow a name means nothing
it is all crap
I will never shop again in Lowes and the final straw was my "new" dented refrigerator. All they did was lie and never rectified the situation. I would not be at all surprised if that awful place closed. I give my money to Home Depot. Never ever again, not one dime.
ReplyDeleteI believe Jim Cramer is doing a comparison on Fox News tonight - a special on Lowes verses Home Depot.
ReplyDeleteThis should prove to be interesting in light of SBYnews article.
I shop in Home Depot, Lowes is for rookies, HD is the big leagues for builders.
ReplyDeleteTo Rock Solid - Lowes
ReplyDeleteThey said the same about Preston Trucking Company right after Governor Schaefer awarded them 'Maryland's Most Successful Business Award'.
They filed for bankruptcy protection within the year of the award presentation.
I also remember - Moody's & S&P gave Fannie Mae and Freddie Mac a clean bill of health right up until their collapse.
ReplyDeleteLowes could play out similarly.