Lowe’s pledges $100 million to community support
Lowe’s Companies Inc. is making a five-year investment into community impact projects selected from its stores across the U.S.
The home improvement giant is introducing a new program called Lowe's Hometowns. Each year from 2022 through 2026, Lowe's Hometowns will complete nearly 1,800 community impact projects. These will include 100 signature projects chosen from consumer nominations, as well as nearly 1,700 projects selected through Lowe's stores across the country.
The program, the largest of its kind ever launched by Lowe’s, builds on the 100 Hometowns program the company ran in 2021, which revitalized 100 community spaces in honor of the company's centennial anniversary. Other notable charitable initiatives from Lowe’s have included partnering with the NFL to donate and deliver $1 million worth of pre-lit Christmas trees to families and organizations impacted by the COVID-19 pandemic.
The effort begins with the launch of a new annual initiative that invites people nationwide to visit Lowes.com/hometowns now through March 28 to nominate a project in their hometowns. Lowe's will select 100 projects in 2022, and partner with community members and Lowe's associates to revitalize spaces such as neighborhood housing, parks, and community centers.
“Each day, our associates and neighbors come together to help build and strengthen their communities. With this investment through Lowe's Hometowns, we are demonstrating our commitment to make homes – and hometowns – better for those in need,” said Marvin R. Ellison, Lowe's chairman and CEO. “We look forward to working with communities across the country to make sure that our investments serve their needs and have a positive impact that lasts for years to come.”
Lowe's is partnering with designer, author, and host Bobby Berk, who will serve as Lowe's Hometowns Ambassador, to execute the 2022 program. One nominated project will have the chance to be personally designed by Berk.
Lowe's will partner with Berk and non-profit partner Points of Light to select and support the projects that will be undertaken as part of the 2022 program. Eligible project types include neighborhood housing, skilled trades education facilities, community centers and outdoor spaces. Selected projects will be announced during summer 2022, with project work to begin shortly thereafter.
Lowe’s is ratcheting up its support of community initiatives as it comes off posting a strong fourth quarter that topped analysts’ estimates amid the ongoing real estate boom that continues to fuel demand for home renovation and upgrading projects. Beating analyst projections for net income and total sales, Lowe’s is also showing generosity to its workers.
In its recent fourth quarter, Lowe’s awarded a discretionary year-end bonus of $265 million to front-line associates. Also, for the eighth consecutive quarter, 100% of Lowe's stores earned a Winning Together quarterly profit-sharing bonus, resulting in an expected total payout of $94 million to front-line hourly associates, $24 million above the target level.
Based in Mooresville, N.C., Lowe's Companies Inc. and its related businesses operate or service nearly 2,200 home improvement and hardware stores.