Lowe's 2010 Annual Report Download - page 20

Download and view the complete annual report

Please find page 20 of the 2010 Lowe's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 58

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58

16 OPERATIONS UPDATE
HI – 3
AK – 6
VT – 2
NH – 16
MA – 28
RI – 6
CT – 16
NJ – 40
DE – 10
MD – 29
WA
37
ID
8
MT
5
WY
1
NV
17 UT
16 CO
28
AZ
32 NM
13
OK
29
KS
11
NE
5
SD
3
ND
3
MN
13 WI
9
IA
11
MO
45
IL
41
IN
44
MI
48
OH
83
KY
42
TN
60
NC
111
SC
48
GA
64
FL
118
VA
68
WV
18
PA
79
NY
66
ME
13
AL
39
MS
24
LA
32
TX
141
AR
20
OR
13
CA
109
ALBERTA – 2
ONTARIO – 22
NUEVO
LEON – 2
experiences. With a goal to increase our share
position in major appliances, we surveyed cus-
tomers and found that after-sales service was
important to them. Therefore, we now own the
repair experience, including taking the phone
call, diagnosing the problem and facilitating the
resolution. One of the most important benefits of
this program is improving customer satisfaction
by managing the experience. We tested this model
in more than 100 stores for over a year and found
that it positively affected customer satisfaction
and resulted in incremental repeat visits to make
purchases across the store. In addition, we expect
to realize cost savings through lower appliance
return rates and identification of quality concerns
that we can work with our vendors to resolve.
We will also provide a personalized approach to
project management and information sharing
through the early 2011 foundational release of
MyLowe’s, a Web portal that allows customers
to manage their home and their relationship with
Lowe’s. MyLowe’s will provide ways to more
dynamically share project information between
customers and our employees, and will allow
customers to directly access their transaction
history and extended protection plan informa-
tion. Additionally, they will be able to subscribe
to have certain maintenance products shipped
directly to their homes at selected intervals.
We have reached another point in our lifecycle
where we must adapt to maintain our growth
in the home improvement business. Our entire
organization is focused on making the promise
of a better, more seamless customer experience
a reality. We are executing this strategy today,
and we have the plans in place to better execute
in the future.
LOWE’S STORES U.S. – 1,723
CANADA – 24
MEXICO – 2
TOTAL – 1,749
as of 1/28/2011
Store Expansion Strategy
Our focus is on underpenetrated
urban markets where we can
identify favorable site costs,
reasonable municipal require-
ments and attractive return
on our investment.