Lowe's 2000 Annual Report Download - page 7

Lowe’s Companies, Inc.
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robert l. tillman
chairman of the board, president
and chief executive officer
April 16, 2001 Wilkesboro, NC
enhance our ability to cost-effectively move prod-
ucts from our vendors through Lowe’s stores into
the hands and homes of our customers.
During 2000, Lowe’s provided store managers
increased flexibility in managing inventory quanti-
ties and selections. While buying and logistics
remain centralized, we shifted additional responsi-
bility from our Wilkesboro headquarters to individ-
ual stores, empowering our store management teams
to adjust inventory quantity and selection based on
their respective local needs. This gives associates on
the sales floor — those employees closest to the cus-
tomer — greater opportunity to influence the mer-
chandising of a store, based on regional and local
preferences, governmental regulations, or building
codes, thereby ensuring customers’ needs are met.
Providing the right products at competitive prices
in a preferred shopping environment is essential, but
it’s only part of the equation. Customer service is crit-
ical for our success, and service is the element that
completes the customer’s experience. Quality cus-
tomer service starts with quality people. We know
that well-trained employees lead to superior service,
so we strive to attract and retain the best employees in
every market. We reward our associates for their ded-
icated customer service and offer the best and most
comprehensive benefits package in retail. Lowe’s
“Buy, Own, Save” program is a threefold plan that
helps our employees plan for the future. Nearly seven
percent of Lowe’s stock is owned through our
Employee Stock Ownership Plan (ESOP). As an
ESOP company, all associates with more than one
year of service receive a contribution of Lowe’s stock.
Through this program and other performance-based
incentives, Lowe’s effectively links personal and cor-
porate success, sending a consistent message to
employees as to the vital role they play in determining
the growth and success of Lowe’s.
We’re confident that our benefits program
allows us to attract and retain the best employees
available, which in turn enhances our customer
service. We continually improve our workforce
through aggressive recruiting, strong mentoring
and ongoing training.
At Lowe’s, expanding our vision is about finding
new ways to exceed customer expectations. In an
ever-changing marketplace, that translates to con-
stantly fine-tuning all aspects of our business, from
customer service and merchandising to logistics and
technology. It is with this philosophy that we con-
tinue to grow, offering only the best in home
improvement to our customers.
As Lowe’s enters a new fiscal year, Improving
Home Improvement is a promise that continues to
drive every aspect of our business strategy. No mat-
ter how simple or complex a customer’s needs, no
matter how big or small their project, our mission is
to provide an environment where retail and com-
mercial customers can find everything they need to
improve their most valuable investments — their
homes and businesses.
Best wishes,