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How Companies Transform
In 2012, Lowe’s, the North American hardware retailer, was in a familiar spot. Despite being one of the leading home improvement retailers (selling hammers, paint, and other products to the $30 billion North American DIY and professional market), Lowe’s never seemed able to catch up to archrival The Home Depot, let alone be first in its industry. To make matters worse, a quick glance at a retail outlet map revealed an overwhelming sea of stores saturating the market. Searching for growth, Lowe’s had begun expansion forays into Canada, Mexico, and Australia. But results had been disappointing; an acquisition attempt had been publicly thwarted in Canada, while store closings and corporate layoffs were taking place ...
