Once completed, the acquisition will enable Lowe’s to expand its presence and reach a new customer base in California, where Lowe’s is currently underpenetrated. Orchard is expected to operate as a separate, stand-alone business, retaining its brand and its San Jose headquarters. Richard D. Maltsbarger, the Lowe’s executive who led the team to acquire Orchard, will become president of Orchard. Chris D. Newman, Orchard chief financial officer and head of development, will have responsibility for finance, information technology and ecommerce, supply chain and loss prevention.
Located in high-density, prime locations that are difficult for larger format retailers to enter, Orchard’s smaller-format “neighborhood” stores complement Lowe’s strengths in big-box retail.