Lowe’s closures part of broader industry trend: Hardlines president

TORONTO ― Lowe’s Canada’s closure of 34 underperforming stores reflects the slow year the industry has been contending with, Hardlines President Michael McLarney told BNN this week. “It’s been a slow year for the industry for a number of reasons, both internally and externally,” he said, “Lowe’s Canada is not really doing a whole lot worse than anything else [but] they’re on display as a public company.” Still, home improvement banners like Lowe’s have one factor on their side. “This industry is definitely insulated more from [the threat of] the online selling piece,” said McLarney, adding that hardware shoppers still want to “touch and feel” merchandise in store. To view the complete interview, click here.