Lowe's 2004 Annual Report Download - page 9

Lowe’s 2004 Annual Report Page 7
using our 116,000-square-foot (116K) store in
the nation’s larger markets and our newer 94,000-
square-foot (94K) store in the nation’s smaller,
single-store markets.
U.S. demographic trends also help drive
our business. These trends include record home
ownership levels, a growing population of
20-somethings who are buying first homes earlier
than their parents before them, as well as a baby
boomer population entering their peak second-
home buying years. In addition, America’s growing
diversity and increasing minority and immigrant
populations are helping stimulate housing demand.
In fact, the minority population is projected to
contribute at least two-thirds of household growth
over the coming decades as they strive for the
American dream of home ownership.
With the outlook for a generally stronger
economy in 2005, consumers will have more dollars
in their pockets, and Lowe’s is going to have the
products and services to meet their needs. While the
macro-environment remains supportive, our growth
opportunity stems from strategic internal initiatives
at every level of our business. Our approach to
product line design includes offerings across the
price continuum, ensuring our customers find
compelling products that inspire projects and make
completing them easy. Investments in our world-
class distribution network, which improve inventory
visibility and efficiency, will help us stock each store
with the market-specific products our customers
want, maximizing sales and leveraging our inventory
investment. Our commitment to new technology,
on our stores’ sales floor and in the back office,
makes the shopping process easier for our customers
and drives operational efficiencies throughout
our organization.
But most of all, our growth is driven by our
strong culture of customer service and desire to earn
loyal Lowe’s customers for life. It’s not just about
meeting our customers’ needs. It’s about going
beyond the call of duty to help customers realize
the dreams they have for their homes.
Seize the Opportunity
Our customers want to express
their individual style, invest in
their everyday lives and create
a comfortable environment for
family and friends. With our
two successful store prototypes,
Lowe’s is rapidly growing to
meet our customers’ needs
where they live, whether that is
30 stories up or 30 miles from
Main Street.