Home improvement and hardware company Lowe’s announced its new nationwide tool rental program Aug. 18.
Home improvement and DIY projects have increased in popularity due to stay-at-home orders, leading Lowe’s and its competitor Home Depot to see incredible surges in revenue and sales. Lowe’s, in particular, saw a whopping 30 percent increase in revenue during the second quarter.
The new tool rental department’s rollout comes as consumers are shifting from planned vacation spending to home improvement spending.
“People are taking those dollars, and they’re investing in their home,” Lowe’s CEO Marvin Ellison told CNBC. “We’ve got tons of anecdotal information where someone was planning to take a vacation, and now they’ve decided to remodel the kitchen, where they were planning to take a vacation, and they decided to remodel their entire backyard to make it a place where they could spend more time.”
To take advantage of booming business, Lowe’s finally joined Home Depot in starting a tool rental department. Lowe’s says it will begin the tool rental rollout to its 2,200 stores over several years, beginning with its Charlotte, NC location Aug. 20.
Previously, Lowe’s had tool rentals at around 50 locations through Sunbelt Rentals, who leased space at the stores.
Lowe’s is offering its rental program to further appeal to professional contractors, who often use Home Depot. Lowe’s newfound success could be enough for them to close the gap with Home Depot.
According to the press release, Lowe’s says rental options will include brands such as Husqvarna, Bosch, and Metabo HPT and a wide range of tools and equipment for various needs.
Customers can also reserve tools online or use self-service kiosks in-store, keeping the experience digital and convenient.
Each department will be around 4,000 square feet with a mechanic shop to clean and repair tools and provide product demonstrations.
“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.”