Last spring, when the pandemic reared its ugly head and locked millions of Americans in their homes for the foreseeable future, what did everyone do?
Well, besides losing our minds, many of us ran to home improvement stores — online, of course — to try our hands at home improvements, renovations, DIY projects and interior decorating.
Throughout all spring and summer last year, this trend was nothing short of a freight train that propelled unprecedented business for companies like Lowe’s (LOW) and Home Depot (HD), that in a year since March 2020 lows, have seen shares soar more than 186% and 99%, respectively.
Now, setting out to prove last year was much more than an aberration, Lowe’s is looking well beyond last year’s popular gardening and grilling categories to keep the good times going, as the traditional home improvement season sales set to spike in the weeks ahead.
Despite the fact the company says it expects shoppers to continue to be influenced by the pandemic, Lowe’s is thinking outside the box this year, with plans to cater to America’s longing desire for a getaway — even if they’re just camping in the backyard or planning an at-home spa day. This includes bolstering its selection of products from tents to cocktail shakers.
This strategy follows a similar direction Lowe’s took during the holiday season when the company made a larger than usual push to sell more bedding, small kitchen appliances like air fryers and kids’ toys. Lowe’s has also added exercise equipment, such as spin bikes, to its website and begun to test it on the sales floor, to further capitalize on pandemic trends.
Bill Boltz, executive vice president of merchandising talking about the company’s commitment to expanding its product line:
“We’re not going to enter into the grocery space, but we think there’s an opportunity to do some things here and push it a little bit where we have a right to play.”
Lowe’s website now has over 2 million different products, which is more than four times as many as it had in 2018. This kind of dedication to adapting to a changing consumer landscape is exactly what you should be looking for in companies as we come out of the pandemic.