Lowe’s outlines 2025 growth strategy

Lowe’s recently hosted its 2024 Analyst and Investor Conference, detailing key initiatives and financial targets. CEO Marvin R. Ellison highlighted the company’s evolving Total Home strategy, aiming to address all home improvement needs. “We’re creating a best-in-class omnichannel shopping experience for all generations of homeowners,” Ellison stated.

From 2018 to 2024, Lowe’s achieved a 26% sales increase, with equal contributions from DIY and professional customers. Factors such as home price appreciation and aging housing stock fueled this growth. Lowe’s anticipates inflation and higher interest rates as challenges but expects market normalization to re-engage homeowners in DIY projects.

Key initiatives include driving professional customer growth, expanding online sales and home services, and increasing space productivity. Lowe’s also announced plans for AI-enhanced services, rural store expansions, a revamped loyalty program, and an expanded product marketplace to streamline operations and customer experience.