LOWE'S ANNOUNCES IT WILL NOT RENEW NAMING RIGHTS TO LOWE'S MOTOR SPEEDWAY MOORESVILLE, N.C.--Lowe's confirmed today the company will not renew its naming rights sponsorship of Lowe's Motor Speedway, a track owned by Speedway Motorsports, Inc.
LOWE'S ANNOUNCES IT WILL NOT RENEW NAMING RIGHTS TO LOWE'S MOTOR SPEEDWAY
MOORESVILLE, N.C.--Lowe's confirmed today the company will not renew its naming rights sponsorship of Lowe's Motor Speedway, a track owned by Speedway Motorsports, Inc. (SMI), when its contract expires at the end of the year. Both companies continue to be in discussions about potential future marketing opportunities.
"When Lowe's entered into this marketing relationship in 1999, it was during the time of our company's rapid national expansion, and Lowe's Motor Speedway gave us the platform to introduce the Lowe's brand to millions of NASCAR fans and consumers across the country," explained Robert J. Gfeller, Lowe's senior vice president of marketing and advertising. "We've enjoyed a great partnership with SMI over the years. However marketing strategies change, and it was time after 11 years to direct our marketing resources in other areas."
"Lowe's has been a tremendous partner for Speedway Motorsports and their corporate involvement has strengthened our sport for NASCAR fans," said Marcus Smith, president and general manager of Lowe's Motor Speedway. "We look forward to moving in new directions to help them accomplish their marketing goals in 2010 and beyond."
With fiscal year 2008 sales of $48.2 billion, Lowe's Companies, Inc. is a FORTUNE® 50 company that serves approximately 14 million customers a week at more than 1,675 home improvement stores in the United States and Canada. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.