Can Lowe’s Break Out?
T = Trends for a Stock’s Movement
Lowe’s operates as a home improvement retailer. It offers products for maintenance, repair, remodeling, and home decorating. The company serves homeowners and renters consisting of do-it-yourself and do-it-for-me as well as commercial business customers comprising of construction trade, and maintenance and repair organizations. After the housing bubble burst that led to the Financial Crisis in 2008, home and business owners are opting for home and business improvement over purchasing new properties. This trend is poised to continue as there are still a large amount of home and commercial locations readily available for consumers across the nation.
Today, Lowe’s and Porch.com announced the expansion of their strategic partnership to the more than 1,700 Lowe’s home improvement stores across the U.S. Every Lowe’s store in the country now features Porch as the in-store resource to help homeowners find the right home improvement professionals for nearly any project outside of Lowe’s current installation services. In addition, home improvement service professionals can sign up for a free Porch profile to help increase the exposure of their business to homeowners in need of their specific services. “While we have already been able to help our customers with projects like installing flooring or remodeling a kitchen, our partnership with Porch means we can now guide customers to find help for nearly any home improvement service, from routine maintenance to dream projects,” said Jay Rebello, vice president new business development and corporate innovation at Lowe’s. “Homeowners trust Lowe’s products and project expertise, and now that relationship can extend to the search for home improvement pros by providing a highly personal, localized experience through Porch.”
Porch was first introduced at Lowe’s stores in the Carolinas and the Seattle area in January. If a Lowe’s customer needs a professional for a service Lowe’s does not currently offer, such as handyman, painting, or landscaping services, employees can access the Porch network of pros on their mobile devices and in-store terminals to identify local providers. “From day one, Porch has been on a mission to make home improvement simple, easy, and delightful,” said Matt Ehrlichman, chief executive officer of Porch. “We launched our product just over six months ago and thanks to the enthusiastic feedback and support of our customers, Porch is becoming a true center of gravity for home improvement professionals and homeowners, enabling them to connect and work together like never before. Our team is excited to continue our collaboration with Lowe’s to improve every facet of the home improvement experience.”