Where Is The Closest Lowe's Home Improvement – CHICAGO, IL – JANUARY 24: Wes Belinsky (L) helps a customer shop for a sander at Lowe’s Home Improvement store on January 24, 2013 in Chicago, Illinois. Lowe’s said they plan to hire 45,000 part-time workers this spring, the busiest time of year for home improvement retailers. The company also expects to hire 9,000 permanent part-time employees. (Photo by Scott Olson/Getty Images)
Lowe’s Home Improvement is entering the competitive Manhattan retail market for the first time this summer with the opening of two new stores, a move that signals how China is reshaping its broader retail strategy to capture U.S. urban markets. for the.
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The company is in the midst of completing construction on two new stores in New York City’s Upper West Side and Chelsea neighborhoods, with both locations expected to open later this summer. The stores show a more urban take on big-box retail on many fronts. Stores will be smaller and stock merchandise from new merchants that Lowe’s has not worked with before. Lowe’s team says they think about retail a little differently when aiming to address the Manhattan market.
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“We’ve been thinking about becoming more urban for a decade,” Lowe’s Chief Development Officer Richard Maltzberger said.
. About two years ago, Lowe’s finally moved forward with retail strategy plans for the New York market.
For starters, Manhattan stores are smaller than traditional Lowe’s. The new locations on the island are about three times smaller at 30,000 square feet, compared to its current stores that average about 112,000 square feet concentrated in the U.S. suburbs. Manhattan stores also include display windows to lure in street traffic. It’s a feature you won’t find at a typical Lowe’s store.
Major U.S. cities have seen population growth in recent years, and much has been made of millennials’ tendency to move to cities for job opportunities and stay in urban markets longer before buying homes in the suburbs. is the. While there are some indications that growth in America’s cities has slowed, their population continues to grow.
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Lowe’s believes it can take this smaller retail location strategy to other urban markets, hoping to tap into retail markets where Lowe’s doesn’t exist to date.
“This format gives us the opportunity to go into places where we believe there are additional customers where we can help them where they live,” Maltzberger says.
The smaller store format strategy differs from that of main rival Home Depot ( HD ), which has two stores in Manhattan that are roughly the same size as the retailer’s average store. Home Depot has also operated its two existing locations on the island since 2004, so Lowe’s is entering the market for the first time in a decade.
The decision to open smaller stores also minimizes the investment for Lowe’s to enter the expensive Manhattan retail market.
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“New York is the most expensive place to open a store,” says Ron Friedman, a retail consultant for the accounting and advisory firm Marcum LLP. “The cost per square foot to open a store is very expensive.” He advises retailers to consider renting less space to begin with.
Small spaces will scale back some things that aren’t popular for small homes, often with little outdoor space. For example, Lowe’s Manhattan stores will have fewer branches and less carpet inventory, as these items are not only popular for city living needs.
Shovels can be ordered online, of course, and Lowe spent a lot of time during a walking tour of the company’s Upper West Side location talking about its omnichannel capabilities to ensure that anyone The goods he carries can be quickly shipped to homes and apartments within the city. . Omnichannel is the way companies like Lowe’s can connect retail at physical stores with their online business, ideally making it easier to fulfill orders.
“We were able to create something that was the right size and felt appropriate for a Manhattan shopper, but helped by the millions of square feet of Lowe’s that surround the island,” Maltzberger says.
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Lowe’s is focusing on eight basic home improvement “opportunities,” including storage and organization, a remodeling section, color, and a furniture section. Within those areas of the store, the retailer’s team identified a number of new partners that Lowe’s will be working with as it enters New York City for the first time, including closet organizer SpacePro, appliance maker Smeg and Leiber, as well as Jessica Alba’s The foundation was laid. Honest company. Some are fashion-forward toys, others focus on making small apartments more livable.
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