Lowe’s Companies Inc. Unveils Growth and Productivity Goals for 2025
Dec. 17, 2024 marks an exciting time for Lowe’s Companies Inc. as they unveil their ambitious goals for growth and productivity initiatives. At the forefront of their strategy is the commitment to driving a best-in-class omnichannel experience and expanding their Pro consumer segment.
Marvin R. Ellison, Lowe’s chairman, president, and CEO, expressed the company’s vision for the future, stating, “As we look ahead to the expected recovery in home improvement, we are making investments to position the company for long-term growth. We are evolving our Total Home strategy to help solve our customers’ total home improvement needs with more value and exceptional service.”
Lowe’s 2025 Total Home Strategy is built on five key initiatives:
1. Drive Pro penetration
2. Accelerate online sales
3. Expand home services
4. Create a loyalty ecosystem
5. Increase space productivity
One of the most exciting developments is Lowe’s investment in generative AI to enhance the customer experience and drive productivity. By empowering frontline associates with innovative solutions, Lowe’s aims to improve the in-store shopping experience and better serve their customers.
In early 2025, Lowe’s will relaunch its Pro loyalty program as MyLowe’s Pro Rewards, tailored specifically for small-to-medium Pros. The revamped program will be more user-friendly, allowing Pros to earn and redeem rewards more efficiently.
Furthermore, Lowe’s is consolidating its DIY and Pro loyalty programs into one ecosystem, streamlining the rewards system for all customers.
Looking ahead, Lowe’s plans to open 10 to 15 stores per year in fast-growing U.S. markets, expanding their reach and accessibility. Additionally, the company will extend its rural assortments to 150 more stores, catering to the needs of customers in farm and home improvement.
Overall, Lowe’s is setting the stage for a transformative journey towards growth and innovation, with a strong focus on enhancing the customer experience and driving productivity. Stay tuned for more exciting updates from Lowe’s as they continue to revolutionize the home improvement industry.
