Lowe’s Canada Newmarket serves as a one-stop destination for residents looking to enhance their living spaces. By providing a wide range of high-quality building supplies, tools, and home improvement products, the store empowers homeowners to create comfortable and aesthetically pleasing environments.
Newmarket is situated approximately 45 kilometres north of Toronto. Newmarket offers residents and visitors a welcoming community. Young people and seniors can enjoy a high quality of life with Lowe’s Canada Newmarket.
Lowe’s Companies, Inc. is an American store that sells things to help people improve their homes. The company runs a series of stores in the United States. Its main office is in Mooresville, North Carolina. Lowe’s and its affiliates ran 2,181 home repair and hardware stores in North America as of October 28, 2022.
After The Home Depot and ahead of Menards, Lowe’s is the second-largest hardware company in the United States. It used to be the largest until The Home Depot passed it in 1989. It is also the world’s second-biggest hardware store chain, after The Home Depot, but before Leroy Merlin, B&Q, and OBI in Europe.
The Evolution of Lowe’s Canada:
A store that sells things to improve your home, Lowe’s has low prices on building supplies and tools. In 2007, Lowe’s opened its first three shops in Canada. These were in Hamilton, Brampton, and Brantford.
Later, Lowe’s opened stores in other cities in Canada, such as Newmarket. Lowe’s store in Newmarket is at Lowe’s Newmarket #2642, 71 Bryne Dr., Newmarket, ON, Canada. It started with stores in Ontario and then moved on to other states.
Acquisition of Rona Inc.:
Lowe’s tried to buy Rona, Inc., a hardware chain based in Quebec, in 2012. The deal was supposed to go through, but Rona shareholders (especially the Caisse de dépôt et placement du Québec) and franchisees were against it because they thought the company might move its supply operations to the US. The deal was finally called off.
Rona said on February 3, 2016, that it had accepted Lowe’s plan to buy it for CDN$3.2 billion, but only after getting approval from regulators and shareholders. Sylvain Prud’homme would still lead the division, but it would be run out of Rona’s offices in Boucherville.
The company bought its Canadian rival Rona Inc. for CDN$ 3.2 billion in 2016, taking over Rona’s store banners and moving its operations to Boucherville, Quebec, where Rona’s offices are located. Some of Rona’s spots were changed to show the Lowe’s logo.
A Shift in Ownership:
Lowe’s said in November 2022 that it would sell its Canadian business to Sycamore Partners for $400 million. After the sale was over in 2023, Sycamore started to replace Lowe’s name in Canada with the new Rona banner, Rona+.
Lowe’s Canada, which is now represented by rona.ca, has changed a lot since December 7, 2023. The website for Lowes.ca has been taken down, and now all online actions and traffic are going to rona.ca.
Rona+ Unveiling in Newmarket:
Lowe’s decided to sell its Canadian businesses to the private equity firm Sycamore Partners for $400 million in November 2022. This included both Lowe’s stores and Rona’s banners. It was said that the Lowe’s name would end, and Rona would take its place.
The deal went through on February 3, 2023. Rona started rolling out the new Rona+ store sign to Lowe’s Canada stores on July 27, 2023.
This change is in line with the strategic move to call Lowe’s stores “RONA+ stores.” For Lowe’s customers, the goal is to make it easy for them to get the same trusted goods and well-known brands that they already know and love while keeping the low prices that have always made shopping at Lowe’s special.
Under the RONA+ banner, this change shows a dedication to improving customer happiness and making a smooth shopping experience.
Lowe’s kept Rona’s store banners, “key” executives, and the “vast majority of its current employees” after buying the company. Forty Rona Home & Garden stores in big cities were going to get the Lowe’s logo.
Lowe’s History in Canada
Canada’s Hamilton, Ontario, was the site of the first store outside of the United States. Lowe’s website says it has run or provided services at more than 2,355 US, Canada, and Mexico sites alone. However, the Mexican stores closed in the late 2010s.
They opened four more stores on February 1, 2008, in Toronto, East Gwillimbury, Brampton, and a new one in Maple (Vaughan).
Lowe’s also opened more shops in western Canada. The first three were in Calgary, Alberta. One of the three places opened at the end of September 2010. The other two opened in the beginning of 2011.
Now, there are shops in Saskatchewan, Manitoba, and British Columbia. As of 2018, Lowe’s has 62 stores in Canada. An average of $20.5 million (US$20.4 million) is spent on each shop.
Sylvain Prud’homme was hired as CEO of Lowe’s Canada in February 2013. He had previously worked for Walmart Canada and Loblaw Companies.
Lowe’s Canada said on May 11, 2015, that it would buy the leases of 13 former Target Canada shops and an Ontario distribution centre for $151 million.
Frequently Asked Questions (FAQs) about Lowe’s Canada Newmarket:
Why did Lowe’s decide to sell its Canadian businesses to Sycamore Partners?
Lowe’s made the strategic decision to sell its Canadian operations to Sycamore Partners as part of its business strategy. The sale aimed to streamline operations and create a more focused approach in the North American market.
What was the impact of the sale on Lowe’s Canada and Rona?
After the sale to Sycamore Partners, Lowe’s Canada underwent a significant transition. The Lowe’s name was replaced by the new Rona+ banner, symbolizing a commitment to providing customers with the same trusted products while enhancing the overall shopping experience.
When did the sale of Lowe’s Canada to Sycamore Partners take place?
The deal was finalized on February 3, 2023, marking the official transition of ownership from Lowe’s to Sycamore Partners.
What changes occurred on Lowe’s Canada’s online platform (lowes.ca) after the sale?
Lowe’s Canada’s website (lowes.ca) was taken down, and all online activities were redirected to rona.ca. This change was aligned with the strategic move to rebrand Lowe’s stores as “RONA+ stores.”
How has the customer experience changed with the introduction of Rona+ stores in Canada?
The shift to Rona+ stores aims to enhance customer satisfaction and provide a seamless shopping experience. Customers can still access familiar products and well-known brands while benefiting from the competitive prices that have characterized Lowe’s in the past.
What was the significance of Lowe’s acquisition of Rona Inc. in 2016?
In 2016, Lowe’s acquired Rona Inc. for CDN$3.2 billion, consolidating its presence in the Canadian market. This acquisition included taking over Rona’s store banners and moving operations to Boucherville, Quebec.
Who led Lowe’s Canada after the acquisition of Rona Inc.?
Sylvain Prud’homme was appointed as the CEO of Lowe’s Canada in February 2013. He had previously worked for Walmart Canada and Loblaw Companies.
Were there any previous attempts by Lowe’s to acquire Rona, Inc.?
Yes, in 2012, Lowe’s attempted to buy Rona, Inc., but the deal faced opposition from Rona shareholders and franchisees. The deal was eventually called off.
How did the acquisition of leases from former Target Canada shops in 2015 impact Lowe’s Canada?
Lowe’s Canada acquired the leases of 13 former Target Canada shops and an Ontario distribution center for $151 million in 2015, expanding its footprint in the country.
What changes were made to Lowe’s Canada’s physical stores after the acquisition of Rona Inc.?
Lowe’s retained Rona’s store banners, key executives, and the majority of its employees after acquiring the company. Additionally, some Rona Home & Garden stores in major cities were rebranded with the Lowe’s logo.
