Lowe’s CEO shares new timeline for its Charlotte tech hub opening. What to know

Lowe’s has a new timeline for moving into the home improvement company’s new tech hub center in Charlotte after COVID-19 pandemic delays.

CEO Marvin Ellison said Wednesday that employees are expected to begin moving in during the second quarter of next year, meaning between May and July.

The South End tech hub that will house the home improvement company’s growing technology workforce initially had been expected to open by the end of this year.

But in August, Ellison said because of construction delays due to the coronavirus pandemic, employees wouldn’t move into the 23-story tower until next year, the Observer previously reported. There was no time-frame for opening at that time.

Also in August, the Mooresville-based company’s sign went up on the tower at 100 W. Worthington Ave. Lowe’s will occupy the 15 upper floors of the Design Center Tower. Developers Childress Klein and RAM Realty Advisors broke ground on the office tower two years ago.

Lowe’s is spending $153 million on the project that will help modernize the company’s digital business as part of its growth strategy. That includes creating technology like “Measure Your Space,” which will launch early next year.

Using a cell phone, customers will be able to scan a room to get the floor plan, room measurements and a personalized estimate. And, they can also order flooring, all at one time.

About 2,000 employees will be hired for the tech hub, with positions including data analysts and software and infrastructure engineers.

Average annual pay is more than $117,000, according to Lowe’s. So far, more than half of the positions are filled, company spokesman Steve Salazar said Wednesday.

Lowe’s tech center workers had temporarily moved into an office in Charlotte Plaza before the pandemic.

Lowe’s earnings report

On Wednesday, Lowe’s reported strong third-quarter earnings ending Oct. 29, exceeding expectations.

The company reported net income of$1.9 billion, up 175% from $692 million at the same time last year. Sales grew to $22.9 billion, up from $22.3 billion during the third quarter of 2020.

Lowe’s profit-sharing bonus resulted in a payout of $138 million to all hourly employees, which was $70 million above its target.

Ellison said U.S. sales comps were up nearly 34% on a two-year basis, citing the company’s “Total Home Strategy” That strategy covers products and services for the home for pro and do-it-yourself customers, and it drove 16% growth with pro customers and 25% on the company’s website Lowes.com.

The trends for holiday sales in November, home price appreciation and low mortgage rates are favorable for the home improvement market, Ellison said following the earnings call.

This story was originally published November 18, 2021 at 12:23 PM.