revealed a number of perks for its pro customers, including a Specialist Zone that will make high-demand items more accessible, free phone charging stations, and flexible credit .
Store staff have also been equipped with technology to improve the shopping experience for home builders and repair professionals.
Lowe’s has been focusing more and more on professional market in recent years, to introduce more items to meet the needs of professional customers and launch the Lowe’s for Pros loyalty program in 2020.
When shoppers were close to home during COVID-19, many shifted their spending from experience to merchandise, especially those that made the home more comfortable and convenient. Lowe’s, Home Depot Inc.
and other “essential” retailers are the beneficiaries.
Despite concerns that businesses that perform well in 2020 will decline as consumers take risks and change their spending again, there is confidence that home-related businesses will continue. works well.
“We still see the housing sector, the home improvement sector still very low at the moment, in the sense that demand continues to be strong across categories and across geographic markets, interest rates, even though they’re rising, are relatively at historic lows, ”said David Denton, Lowe’s CFO, during UBS Global Consumer and Retail Conference last month. , according to FactSet.
“We find the consumer balance sheet quite healthy, there are still many savings rates from a consumer perspective, so cash is accumulating in the consumer’s bank account.”
And now that there is some distance from now to the beginning of COVID-19 when shoppers want to isolate themselves as much as possible, work involving professionals can take place.
Bill Boltz, Lowe’s vice president of sales, told MarketWatch: “In the early days of the pandemic, consumers didn’t want someone in their homes.
Over time, Boltz said consumers have become more comfortable tackling these larger projects.
“External projects, like the deck, are prioritized now with the added comfort of having an in-house installer.”
In its time fourth quarter income announcement, Lowe’s said that self-made comparison sales “unsurpassed” the professional comparison sales, but professional business operations remained at the mid-20% level in the quarter and nearly 20% during the year.
With a lot of uncertainty in the retail landscape, Boltz said the company is trying to control what is possible, and company data shows that 90% of respondents who did a project last year have. plan to do another project this year.
What’s more, experts are reporting that “their preorders are full.”
“We know we still have plenty of room to grow, both online and in store,” Boltz said.
The market is very fragmented, requires a lot of market share… There are a lot of active segments and those are early games involving pros. “
As of now, Lowe’s shares have risen 24.7% and more than doubled, up 110.3% year on year.
Dow Jones Industrial Average Standard
so far has increased by 9.7% for 2021.