Lowe's Launches Tool Rental Program Nationwide

Rhea-AI Summary

Lowe's announced the launch of tool rental departments across the U.S., starting with Charlotte, N.C. on Aug. 20, 2020. This initiative aims to provide a comprehensive resource for DIY customers and professionals needing equipment without the burden of ownership. The rental services will feature commercial-grade equipment, a diverse array of tools, and user-friendly technology for reservations. Each department will occupy about 4,000 square feet and include a mechanic shop for tool servicing. The program is designed to save customers time and money while enhancing Lowe's Pro Services.

Positive

• Launch of tool rental departments nationwide.
• Introduction of commercial-grade equipment from trusted brands.
• Incorporation of technology for easy check-in and online reservations.
• Dedicated space for servicing and cleaning tools.

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• None.

MOORESVILLE, N.C., Aug. 19, 2020 /PRNewswire/ -- Tool rental is now coming to Lowe's. The company announced today that it will begin rolling out tool rental departments nationwide, creating a one-stop shop for all the tools and equipment Pros and DIY customers need to complete home improvement projects. Lowe's Tool Rental will begin a multi-year national rollout with its first space opening in Charlotte, N.C. on Aug. 20.

The tool rental department will feature:

• A brand-new fleet of commercial-grade equipment, including trusted brands like Husqvarna, Bosch and Metabo HPT
• A broad assortment of drain cleaning, restoration, sanitation and concrete tools, in addition to merchandise to accompany rental tools, such as protective equipment and cleaning solutions, for purchase
• Technology that enables an easy and convenient check-in and check-out process with an online reservation option, in-store self-service kiosks and digital documents that can be signed and viewed from a mobile device
• A dedicated team of knowledgeable associates who can provide hands-on product demonstrations
• Approximately 4,000 square feet of space with a fully equipped mechanic shop to service tools, space for on-site cleaning and product demo areas

"For all of our customers, having the right tool is key to every project, but they may not always want to purchase a new tool or piece of equipment. Lowe's Tool Rental helps customers save on the cost of owning, maintaining and storing the tools they need," said Fred Stokes, senior vice president of Pro Sales and Services for Lowe's. "As the new home for Pros, offering tool rental is just another way we are committed to keeping them working. Whether a Pro's tool fails on the job, needs a repair or they're looking to try something new, tool rental will allow them to get back to the jobsite faster, saving them time and money."

Lowe's Tool Rental departments will be newly constructed spaces that either expand the Lowe's store or are located on Lowe's property next to an existing store. For more information on Lowe's Tool Rental, please visit www.Lowes.com/Rental.

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", "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, changes or threatened changes in tariffs, outbreak of public health crises, such as the COVID-19 pandemic, availability and cost of goods from suppliers, changes in our management and key personnel, 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 SEC. 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. 

About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 18 million customers a week in the United States and Canada. With fiscal year 2019 sales of $72.1 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 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.

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SOURCE Lowe's Companies, Inc.

FAQ

What is Lowe's new tool rental program about?

Lowe's is launching tool rental departments nationwide, starting Aug. 20, 2020, to provide customers with access to tools without ownership costs.

Where will the first Lowe's tool rental department open?

The first tool rental department will open in Charlotte, N.C. on Aug. 20, 2020.

What types of equipment will be available for rent at Lowe's?

Lowe's will offer a fleet of commercial-grade equipment, including brands like Husqvarna, Bosch, and Metabo HPT.

How will the tool rental process work at Lowe's?

Customers can use an online reservation system, self-service kiosks, and digital documents for a streamlined rental process.

What is the size of the tool rental departments being opened by Lowe's?

Each tool rental department will cover approximately 4,000 square feet.

What are the benefits of Lowe's tool rental program for customers?

The program helps customers save on costs, provides quick access to tools, and includes support from knowledgeable associates.