Lowe's Introduces Enhanced Shopping Experience for Pro Customers With New Products and Services

Rhea-AI Summary

Lowe's announced a nationwide rollout of a tailored shopping experience for Pro customers, designed to enhance speed and convenience. Key features include dedicated Pro Zones, extended trailer parking, free phone charging stations, and a dedicated checkout staffed by sales associates. The initiative aims to reduce time spent shopping while offering flexible credit options for savings. Lowe's estimates the Pro product market to exceed $400 billion, indicating growth potential. This effort follows previous enhancements to Pro offerings, emphasizing Lowe's commitment to serve the Pro community effectively.

Positive

• Nationwide rollout of tailored shopping experience for Pro customers.
• Dedicated Pro Zones and extended trailer parking designed for convenience.
• Introduction of flexible credit options providing savings and zero percent interest offers.
• Estimates indicate a Pro product market exceeding $400 billion, showcasing growth potential.

Negative

• None.

MOORESVILLE, N.C., April 13, 2021 /PRNewswire/ -- Lowe's today announced its next major step as the New Home for Pros by launching a tailored store shopping experience created specifically for Pros. The Pro customer shops at Lowe's significantly more often than DIY customers, so the upgrades were designed with speed and convenience in mind, saving Pros time and money.

The updated Pro shopping experience is now being rolled out nationwide and includes a wide array of new offerings, including:

• The Pro Zone, a dedicated area near the Pro entrance with products for grab-and-go convenience, featuring popular Pro items, specially selected and newly released products, and value packs
• Pro Trailer Parking, which features convenient extended trailer parking spots
• Free Phone Charging Stations located at the Pro Desk
• Convenience Rack with several never-before-sold items such as pain relievers, personal care items such as sun and hand care, and more
• Dedicated Pro Checkout staffed with a team of sales, cashier and loading associates—that will continue to expand—to help get Pros in and out quicker
• Flexible Credit Options that can save Pros five percent off every day on eligible purchases plus Lowe's For Pros Loyalty Members can get zero percent interest for 60 days when using their Lowe's Business Advantage or extended terms when using their Lowe's Commercial Account.

In addition to these upgrades, Lowe's introduced new technology to help associates improve their relationship with Pro customers. The new tool provides insights that help associates engage with Pros unlike ever before and ultimately help them grow their businesses.

The new enhanced shopping experience is a next step forward as Lowe's continues to anticipate and meet the needs of its Pro customers. Lowe's estimates that its Pro product market is more than $400 billion and is expected to grow faster than the overall U.S. home improvement market in the coming years. The company has continued to enhance its Pro offerings in recent years—in 2019, Lowe's improved Pro fundamentals such as job lot inventory quantities and better store service. In 2020, Lowe's launched its Lowe's For Pros Loyalty program, continued associate training to help with specific Pro needs, announced new services such as Lowe's Tool Rental and redesigned the layout of stores to better serve Pros.

For Pros, time is money and every stop in the workday counts. Pros will now need to make fewer stops to get everything they need from tools, convenience items and a quick phone charge in a curated experience right in their local Lowe's store. Pros can expect to see additional offerings—such as windshield cleaning stations and free air stations for filling up tires and portable air tanks for pneumatic tools, among other specialized amenities—throughout the year.

"We want to make sure any time spent away from the jobsite is efficient and productive for the Pro customer, especially small- to mid-size companies. We've enhanced our shopping experience, bringing in new products and services that help add value to each trip Pros take and cut down on the number of stops they make throughout the day," said Fred Stokes, senior vice president of Pro Sales and Services for Lowe's. "The new offerings are the latest way we are showing our commitment to better serving Pro customers and making their stops at Lowe's even easier."

For more information on the latest Pro offerings, please visit lowes.com/l/New-For-Pros

About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 20 million customers a week in the United States and Canada. With fiscal year 2020 sales of nearly $90 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ over 300,000 associates. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

Disclosure Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Statements including words such as "believe", "expect", "anticipate", "plan", "desire", "project", "estimate", "intend", "will", "should", "could", "would", "may", "strategy", "potential", "opportunity", "outlook", "scenario", "guidance", and similar expressions are forward-looking statements.  Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives, business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services, share repurchases, Lowe's strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results.  Such statements involve risks and uncertainties and we can give no assurance that they will prove to be correct.  Actual results may differ materially from those expressed or implied in such statements.

A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as the rate of unemployment, interest rate and currency fluctuations, fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability of consumer credit and of mortgage financing, changes in commodity prices, trade policy changes or additional tariffs, outbreak of public health crises, such as the COVID-19 pandemic, availability and cost of goods from suppliers, and other factors that can negatively affect our customers.

Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in "Item 1A - Risk Factors" in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the Securities and Exchange Commission. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law.

Contact: Olin Ericksen
Lowe's Companies, Inc.
479-601-3905
olin.ericksen@lowes.com

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SOURCE Lowe's Companies, Inc.

FAQ

What is Lowe's new Pro shopping experience?

Lowe's has launched an enhanced Pro shopping experience that includes dedicated Pro Zones, extended trailer parking, free phone charging stations, and a dedicated checkout to improve convenience and efficiency for Pro customers.

When was the Pro shopping experience launched?

The Pro shopping experience was announced on April 13, 2021, and is currently being rolled out nationwide.

How does Lowe's support professional customers?

Lowe's supports professional customers by offering a dedicated shopping experience that includes tailored products, convenience features, and flexible credit options to help save time and money.

What savings options does Lowe's offer for Pro customers?

Lowe's offers flexible credit options that allow Pro customers to save five percent on eligible purchases and provides zero percent interest for 60 days for Lowe's For Pros Loyalty Members.

What is the market size for Lowe's Pro products?

Lowe's estimates that the Pro product market exceeds $400 billion, indicating significant growth potential.