Lowe’s (NYSE: LOW) announced it is initiating plans to gain market share from competitors, after working on its turnaround strategy for the last couple of years. The company will be launching the Total Home strategy to aid in market share gains.
“At Lowe’s we will be committed to offering everything a homeowner needs to provide a “total home solution” across every area in the home. This includes products and services for everything needed to repair and improve the home, for DIY and Pro customers alike, across all décor categories including paint, as well as simple and complex installations,” said Marvin R. Ellison, Lowe’s president and CEO. “Our Total Home strategy will enhance customer engagement and grow market share by intensifying our focus on the Pro customer, expanding our online business, modernizing installation services, improving localization efforts and elevating our product assortment.”
During an investor conference Wednesday, Ellison said that the home improvement retailer would be aiming to round up market share in the USD900 Billion U.S home improvement market.
“Our commitment to retail fundamentals has been essential to our 2020 financial success,” he said. “Our supply chain, in-store and digital systems would have collapsed under the weight of the unprecedented customer demand created by the pandemic without this focus.”
As the company capitalizes on its online platform and people focus more on home improvement projects throughout the pandemic, Ellison says “the best days at Lowe’s are still in front of us.”