Lowe’s (NYSE: LOW) recently announced a project called, Making it With Lowe’s, that will allow small businesses the chance to have their products sold in its stores and website.
CEO, Marvin Ellison, told CNBC’s “Squawk on the Street” that the company is collaborating with “Shark Tank” star, Daymond John, to guide entrepreneurs, hear out their business propositions and narrow down the selection of participants. After the search, the event will be hosted by John and will allow five small business owners a virtual one-day pitch of their product to Lowe’s executives.
“We are excited about creating the opportunity for the American Dream for an entrepreneur to get their products in a mass marketplace to serve customers,” he said.
As small businesses struggle to survive the coronavirus pandemic, Lowe’s strives to provide an outlet for the immense need. Ellison revealed that the company has received more than 800,000 applications for the initiative.
“Making It With Lowe’s is giving these minority-owned businesses a much-deserved chance to shine while uncovering unique, smart products that will make Lowe’s shelves even more appealing to customers,” said Daymond John of ABC’s Shark Tank. “The pandemic has created a situation where business owners are constantly pivoting and deepening their creativity and problem-solving abilities, especially minority-owned businesses who have more at stake, more to lose. I can’t wait to get started.”
Simultaneously, Lowe’s intends to build its relationship with home professionals as only 20%-25% of its sales come from plumbers, contractors and electricians compared to Home Depot’s with 45%.
“We’re going to be committed to serving that really, really important and very influential customer, while making sure that our e-commerce business continues to be something that customers think first about,” Ellison added.