Lowe's renting out tools as more Americans ramp up DIY home projects
The company recently reported sales increasing 30%, with online sales surging 135%
Storch Advisors CEO and former Toys ‘R’ Us Chairman and CEO Gerald Storch says investing in tech and offering value has helped Home Depot’s and Walmart’s success during the coronavirus.
Now you can nail your next home improvement project without investing in too many tools.
Lowe’s home improvement stores will now let customers rent out tools, joining other competitors like Home Depot in the equipment rental business as DIY projects continue to surge with more people working from home because of COVID-19.
Lowe's is now letting customers rent out tools. (Photo by Scott Olson/Getty Images)
The North Carolina-based retailer announced on Wednesday it's adding a tool rental department to its stores across the country beginning at its Charlotte outpost on Thursday.
LOWES ONLINE SALES SURGE 135% IN CORONAVIRUS DO-IT-YOURSELF BOOM
The news follows the store’s earnings report on Wednesday in which the company reported sales increasing 30% in the three months through June. And online sales alone saw a 135% surge fueled by fixer-upper projects as Americans make their homes more conducive to a work-life balance with the uncertainty of back-to-school and more offices remaining remote.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LOW | LOWE'S COMPANIES INC. | 272.02 | -0.51 | -0.19% |
Tool rental boxes can now include commercial-grade equipment like power tools, lawnmowers, tile saws and an assortment of drain cleaning, sanitation and cleaning solutions.
Associates will also provide customers with “hands-on demonstrations,” Lowes said in a press release.