Author: Lauren Thomas
Home improvement retailer Lowe’s said Thursday it has chosen Charlotte, North Carolina, to be home to a new, 357,000-square-foot tech hub.
The company, based in Mooresville, North Carolina, had been looking at both Charlotte and Dallas for site selection.
At the new campus, workers will be focused on making technology in house for Lowe’s and helping it build out its logistic capabilities and supply chain. It will hire as many as 2,000 people there, according to a press release. Lowe’s should move in by late 2021, the release said.
Lowe’s had said earlier this year it was planning to hire 65,000 employees across the company ahead of the busy spring season. It had said about 2,000 of those were going to be in technology-related roles.
With CEO Marvin Ellison at the helm, Lowe’s has been shutting unprofitable stores and investing in its website and merchandising team in order to compete with its larger rival, Home Depot.
Commercial real estate services firm JLL advised Lowe’s on the Charlotte site selection, incentives and real estate transaction.
Lowe’s has a market cap of $79.1 billion, while Home Depot’s is $228.3 billion. Lowe’s shares are up about 7% this year, while Home Depot’s stock has rallied a little more than 20%.