Dive Brief:
- Lowe’s in early June will open the first of five new stores this year in Port St. Lucie, Florida, according to a company press release.
- The 94,000-square-foot store with attached 30,000-square-foot garden center is the city’s second Lowe’s location and 133rd in the state of Florida. Lowe’s said it would employ about 100 associates at the new store.
- Among the store’s features are centralized selling desks, enhanced digital signage and QR codes that link to specific tools such as a style quiz, budget calculator and 3D visualizer. The store will also feature redesigned kitchen and appliance showrooms, an upgrade that Lowe’s will incorporate into some of its existing stores this year, per the release.
Dive Insight:
While Lowe’s previously projected opening 10 to 15 stores annually over the next several years, the new locations could still signal a bright spot in the industry.
The new Florida store will offer customers self-service pain kiosks to streamline ordering, as well as buy online, pick up in-store zones to enhance online pickup, the company said in its announcement.
A recent report from UBS estimates that some 40,000 retail stores will close in the U.S. over the next five years, particularly impacting department stores and specialty retailers. As chains and independent stores shrink, the report found that many big-box retailers, such as Lowe’s, Walmart and Costco, may actually grow and take market share.
Lowe’s in February projected full-year total sales to increase between 7% and 9%, with comparable sales to be flat to up 2%. In its latest quarter, the retailer reported Q4 net sales increased 10.9%, with comps up 1.3%.
But as the broader home industry faces continued challenges, Lowe’s earlier this year cut 600 corporate and support jobs from its payroll as part of its attempt to increase efficiency.
