Coronavirus leads to necessary home renovation, upgrades
Home improvement projects abound during pandemic isolation
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While the coronavirus pandemic has millions of Americans confined to their homes, home improvement company Lowe's is seeing people prioritize some now-needed renovation projects.
"Now that people are spending more time at home, things are becoming more evident that they need to replace, fix and repair," Lowe's CEO and president Marvin Ellison told FOX Business' Liz Claman on Tuesday. "And we just want to be here for the consumer right now."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LOW | LOWE'S COMPANIES INC. | 264.46 | +1.43 | +0.54% |
During the exclusive interview on "The Claman Countdown," Ellison listed a few home-improvement projects people seem to be taking on during their lockdowns.
"[People are] replacing refrigerators that break because people are desperately trying to keep food and medicines from spoiling," Ellison noted. "We're selling freezers for people who are buying big food items in bulk that they've never done before."
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Ellison said some house appliances and infrastructure are breaking down due to the additional stress being put on them.
Kathy Lihue and Mike Green sit in a Lowe's home improvement store as they shop for outdoor furniture, Sunday, March 22, 2020, in the Canoga Park section of Los Angeles. (AP Photo/Mark J. Terrill)
"Faucets are leaking; toilets are breaking, and what's interesting [is] we're seeing people buying water heaters and updating their water heaters because, with kids home from college and from school, they're getting more water use," Ellison mentioned.
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Due to this increased demand, Lowe's is hiring 30,000 positions that will be a mix of full-time, part-time, overnight and seasonal roles for displaced workers seeking short-term opportunities.
In addition to that, the home improvement retailer is also offering special one-time bonuses of $300 for full-time workers and $150 for part-time workers.
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Beyond hiring more people, Lowe's is donating $10 million in essential products for medical professionals. The donation is part of a $25 million commitment to help communities hit hardest by COVID-19 within the U.S. and Canada.
The company is working with national health care supply distributors to deliver essential items, such as respirators and other protective gear, to hospitals most in need across the country.
"Every N95 mask that we are getting into the store, we're immediately donating it to a local, health care organization," Ellison said. "We're just trying to do our part as a large company to help out with this unprecedented crisis."
The company is also allocating $500,000 of the overall donation for the American Red Cross to help the organization maintain a sufficient supply of blood to help patients in need.
"Every single day I hear from customers about the critical role that our stores are playing in providing essential products and services," Ellison boasted.
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FOX Business' Daniella Genovese contributed to this report.