Despite hardship across the retail sector, there are a couple of bright spots, if you know where to look.
Retail space has undergone a massive consolidation over the past few years.
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The Covid pandemic only accelerated many of the trends already in place.
It’s no secret that online shopping was already gaining plenty of traction before 2020. Services like Amazon Prime were well established as a fast and efficient way to get many goods, from apparel to back-to-school supplies.
But many other services quickly popped up, some out of necessity.
Walmart+ launched in 2020 as many stayed at home and ordered things online, simply because everything else was closed.
Then several other changes unfolded.
Prolonged closures made it difficult for smaller businesses to stay afloat.
Plus, as interest rates rose and debt got more expensive, smaller mom-and-pop shops found it untenable to operate in such conditions. Many of them got snapped up by larger, corporate incumbents who had the brand recognition, balance-sheet strength, and reach to overtake them.
Image source: Scott Olson/Getty Images
There are some retail bright spots
But it hasn’t been all bad.
Some retailers have carved out niches or developed clever ways to cater to customers’ growing interests.
One such area is the home improvement space.
As many of us stayed at home, we started to notice projects around the house that had piled up.
Whether it was a room in need of a paint job or a total kitchen remodel, many Americans started to take matters into their own hands, beginning DIY projects with the extra time or money they had lying around.
Plus, with interest rates lower and a labor shortage, it was easier in the early 2020s to take on those projects.
Lowe’s makes a customer-friendly change
Of course, some of those conditions have changed.
Interest rates are now higher and labor has returned, so more contractors are available to take on larger-scale improvement projects.
But just because customers are returning to work and looking to save more money doesn’t mean home improvement retailers are taking their feet off the gas.
Lowe’s (LOW) announced that it will celebrate the start of spring with SpringFest, when many items will go on sale. Some of those offers include savings on:
- Lawn & Garden
- Seasonal & Outdoor Living
- Appliances
- Paint
Lowe’s is also introducing Lowe’s Essentials, a collection of private, in-house items similar to Costco’s Kirkland or Target’s All In Motion or Good & Gather.
New items from Lowe’s Essentials include:
- Stainless steel grill brush
- Plastic garden tools
- Citronella candle
- Plastic hangers
- Gardening gloves
- Watering can
“All under $10, Lowe’s Essentials offers customers necessary products at a great value, available exclusively at Lowe’s,” Lowe’s wrote.
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