Where Is The Nearest Lowe's Home Improvement – CHICAGO, IL – JANUARY 24: Wes Bielinski (L) helps a customer with a sander at a Lowe’s home improvement store on January 24, 2013 in Chicago, Illinois. Lowe’s said they plan to hire 45,000 workers this spring, the busiest time of year for home improvement stores. The company plans to hire 9,000 full-time workers. (By Scott Olson/Getty Images)
Lowe’s Home Improvement is entering the Manhattan retail market for the first time this summer with the opening of two new stores, a move that signals how the chain is revamping its strategy. broad-based sales to capture the growth of US urban markets.
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The company is in the process of completing two new stores in the Upper West Side and Chelsea neighborhoods of New York City, with both locations expected to open later this summer. The stores feature the city’s takeout in big box stores on the sides. The stores will be smaller and will have customers from new merchants that Lowe’s ( LOW ) has never done before. According to Lowe’s team, they are thinking about buying a different style when it comes to addressing the Manhattan market.
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“We’ve been looking at the city for over a decade,” said Lowe’s Chief Development Officer Richard Maltsbarger.
. About two years ago, Lowe’s finally moved forward with plans to develop a marketing plan for the New York market.
For starters, the Manhattan stores are smaller than the traditional Lowe’s. The new locations on the island are about three times smaller at about 30,000 square feet, compared to its existing stores that stand at an average of about 112,000 square feet recorded in all areas of US. Manhattan stores also feature window displays to attract street traffic. It’s a feature you won’t find at a typical Lowe’s store.
America’s major cities have experienced population gains in the postrecession years, and much has been made about the way millennials are moving to cities for job opportunities and to live in urban markets for a long time before buying a home in the fields. Although there are signs that the growth of US cities has slowed, their population continues to grow.
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Lowe’s believes it can take this small-market strategy to other urban markets, hoping to hit those markets where Lowe’s doesn’t have a presence today.
“This approach gives us the opportunity to enter areas where we believe there are customers where we can help them love where they live,” said Maltsbarger.
The smaller store layout differs from that of larger competitor Home Depot ( HD ), two stores in Manhattan that are about the same size as the average store. Home Depot has also operated two of its locations on the island since 2004, so Lowe’s is coming to the market for the first time more than a year later.
The decision to open smaller stores undercuts the investment Lowe’s is making to enter the Manhattan retail market.
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“New York is the most expensive place to open a store,” said Ron Friedman, a marketing consultant for accounting and consulting firm Marcum LLP. “The cost per square foot to open a store is very expensive.” He recommends that buyers consider renting a small space to get started.
Small spaces will expand some things that are not popular for small houses, often with little outside. For example, Lowe’s Manhattan stores sell small items and less capital, because those items are not popular for the needs of the city.
Shovels can be ordered online of course, and Lowe’s spent a lot of time on tour with the Upper West Side business talking about its omnichannel capabilities to ensure fast delivery. to houses and buildings in the city. . Omnichannel is a way for companies like Lowe’s to integrate physical stores with their online business, making it easier to fulfill orders.
“We were able to build something that was the right size and feel for the Manhattan customer, but supported by the million square feet of Lowe’s surrounding the island,” Maltsbarger said.
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Lowe’s focuses on eight home improvement “times,” including maintenance and organizing, a remodeling, painting, and appliance section. In those areas of the store, the sales team has identified several new partners that Lowe’s will work with for the first time in entering New York City, including interior designer Space Pro, the manufacturers Smeg and Liebherr, and the Jessica Alba founded. The Right Team. Some are games forward, others focus on making smaller buildings more efficient.
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