No, Lowe’s Canadian odyssey was not doomed from the outset
If only to save face, Lowe’s Companies chief executive officer Marvin Ellison had to come up with something good to say about the U.S. home improvement giant’s move to sell its Canadian retail operations last week for a fraction of what it had invested in them.
It is tempting to dismiss Lowe’s a victim of the Target syndrome, as another example of a U.S. retailer failing to excite Canuck consumers. But Lowe’s entry into the Canadian market was not doomed from the start. It opened its first corporate-owned stores here in 2007 to rave reviews and, after its 2016 purchase of Rona Inc., it could count on a dealer network with deep roots and trusted brand loyalty in Quebec to take on rivals Home Depot and Home Hardware.
Mr. Ellison took over as Lowe’s CEO in 2018 after U.S. hedge fund D.E. Shaw & Co. had led a shareholder revolt against his predecessor, Robert Niblock. The latter had been responsible not only for the politically unsavvy decision to launch a takeover offer for Rona during the 2012 Quebec election campaign, forcing Lowe’s to abandon the bid, but he presided over eventual purchase of Rona for $3.2-billion in 2016.
By the time Mr. Hurst returned to the U.S. head office in early 2022, the Canadian division had already been officially on the selling block for months. And Caisse de dépôt et placement du Québec, which had cleared the way for Lowe’s acquisition of Rona by agreeing to tender its stake to the U.S. retailer in 2016, wanted back in.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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