May 18th, 2011
Home improvement retailers, including giants Home Depot Inc. and Lowe’s Co., are changing with the economic times. In acknowledgement of the lower-cost projects people are taking on in their homes in contrast with past remodels on new real estate and in a better market, the stores are pushing more affordable products.
Home Depot, the nation’s largest home improvement chain, is focusing its attention on more budget-friendly products for financially stressed consumers.
According to a recent AP article, Home Depot executives said that “their chain is beefing up offerings like paint and soft-sided tool storage as maintenance and repair — instead of major renovations — remain at the forefront of consumers’ minds.”
Lowe’s, on the other hand, is focusing on expanding customer services. This includes outdoor maintenance and repair. In addition, they are concerned with rising gas prices leading to consumers shopping at the closest store, which by store count, is more likely Home Depot. New locations in strategic locations are being planned.
Both chains rely heavily on seasonal changes, and are counting on an increase in purchases as the spring season appears and the weather improves.
To read more about this, take a look at the AP article here.