Stock Groups

Lowe’s looks to drive sales by helping baby boomers stay in their homes

[ad_1]

On Wednesday, May 20, 2020, shoppers wearing masks wait to get into a Lowe’s Cos. Store in San Bruno (California), USA.

Bloomberg | Bloomberg | Getty Images

Lowe’sMarvin Ellison was unable to find what he needed to retrofit his father’s house so that he could safely age in place.

The home improvement store’s new initiative was inspired by a two-year ago’s frustrating search. The retailer announced Wednesday that it will be a “one stop shop” for senior supplies, including grab bars, nonslip flooring, wheelchair ramps, and walk-in tubs.

He said that it was difficult for him to accomplish these tasks even as CEO of home-improvement companies. It occurred to me, “It was obvious that my father had these problems and I am the CEO of home improvement companies,” he said.

Lowe’s announced that it would offer many products, services, and expertise for seniors in partnership with the nonprofit AARP. Livable Home is the name of this new initiative. Livable Home is the new effort. launched a dedicated website of articles and videosDedicated to age-friendly design. The AARP will train Lowe’s workers and place signs in selected stores next year.

In-store enhancements will be taking place at approximately 500 locations in the 50 major metro areas, according to Lowe’s. Lowe’s special-trained employees will be able to wear an AARP badge which identifies them for customers who are looking for merchandise that is age-friendly.

Lowe’s is looking to the older generation for growth opportunities. The country’s largest age cohort is the Baby Boomers. They range in age from 56-74, according to Pew Research Center.

Ellison claimed that this market has a sales volume of approximately $32,000,000 and is highly fragmented.

This demographic has also been viewed as appealing by other retailers. Best BuyIt has acquired companies that support remote patient monitoring and telehealth.GreatCall, which it owns, makes simple-to-use mobile phones and wearables that can be used by aging adults. There are also emergency response services available that will support the person who presses a button.

Edward Jones’ retail analyst Brian Yarbrough stated that AARP would help Lowes to gain trust and attract new customers by partnering with them. Because of the Covid-19 deaths and outbreaks, he suggested that people may be more inclined to remain at home than move into assisted living or nursing homes.

He said that because of all the problems you experienced in nursing homes, some people may decide to remain in their homes. Then they would need this kind of item.

This could allow Lowe’s to be different from other companies.

This shows that they are not only chasing but also thinking out of the box. Home Depot,” He stated.

[ad_2]