Big-box retailers like Home Depot and Lowe’s have been busy shaping the future of the home improvement market this year. From strategic acquisitions and improved advertising capabilities to cutting-edge digital advancements and pro-focused upgrades, these two industry giants are making moves across all areas of their business. Here are the top retail developments you need to know about from 2024.
PRO POWER
In a March news release, Home Depot announced plans to open four new distribution centers across the U.S. and Canada to build a larger inventory of materials for its top pro markets.1 In addition to these facilities, they’re also expanding their pro offerings and capabilities in priority markets by:- Localizing product assortment
- Creating a dedicated sales force
- Improving digital tools and order management
- Offering trade credit and tiered pro pricing
DIGITAL DRIVE
The MyLowe’s Rewards program originally launched earlier this spring but is now introducing the Lowe’s Digital Home Platform, which makes it easier for members to manage their home maintenance needs.2 New features include:
- Easy access to manuals and warranties
- Product recommendations for compatible parts
- Regular maintenance reminders for appliances
- Helpful articles, tutorials and how-to videos
YOUR AD HERE
On the marketing front, both retailers seem to be vying for the attention of brand advertisers with advancements to their respective retail media divisions. Home Depot’s Orange Apron Media announced Orange Access—a new self-service tool allowing advertisers to plan, activate, optimize and report on their campaigns in a single platform.3
Lowe’s launched its retail media network in 2021 but rebranded this year with a new logo and a simplified name. Along with these changes, Lowe’s is expanding its omnichannel advertising solutions to help brands better reach their intended audience.4
GOING GREEN
Sustainability is becoming one of the more popular retail strategies, and Home Depot and Lowe’s aren’t shying away from opportunities to appeal to environmentally conscious consumers. In a September news release, Home Depot shared some impressive milestones in eliminating hard-to-recycle materials and announcing its commitment to a new fiber-based packaging goal.5
Lowe’s took a different approach by nurturing their strategic partnerships with suppliers like CM Tucker Lumber to achieve their net-zero greenhouse gas (GHG) emissions target. This led to the retailer being recognized as a Supplier Engagement Leader by CDP, formerly known as the Carbon Disclosure Project.6
SCALING UP
This summer, Home Depot completed its acquisition of SRS Distribution, Inc. (SRS), which will help accelerate growth by attracting more residential professional companies.7 SRS is the fastest-growing distributor of building products in the U.S., serving pro markets across 44 states with 650+ locations.8
THE BOTTOM LINE
Home Depot and Lowe’s continue to showcase their strong commitment to evolving alongside industry trends, pushing for growth and reflecting on shifting consumer demands. As we move into 2025, both retailers are well-positioned to make the most of new market opportunities that could arise in the new year. Stay tuned for more insights.
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1 https://ir.homedepot.com/news-releases/2024/03-14-2024-120334266
2 https://corporate.lowes.com/newsroom/press-releases/lowes-introduces-new-lowes-digital-home-platform-giving-its-loyalty-members-personalized-home-maintenance-support-11-04-24
3 https://corporate.homedepot.com/news/company/orange-apron-media-announces-new-comprehensive-self-service-ad-platform-orange-access
4 https://corporate.lowes.com/newsroom/press-releases/lowes-enhances-retail-media-network-rebrand-and-expanded-portfolio-omnichannel-advertising-solutions-08-08-24
5 https://corporate.homedepot.com/news/sustainability/home-depot-achieves-milestone-eliminating-harmful-packaging-materials
6 https://corporate.lowes.com/newsroom/stories/fresh-thinking/sustainable-partnerships-lowes-and-cm-tucker-lumber-leading-way-environmental-stewardship
7 https://ir.homedepot.com/news-releases/2024/06-18-2024-153031934
8 https://www.srsdistribution.com/en/markets