Lowe’s and Home Depot are both set to offer virtual workshops on home improvement projects ranging from bathroom upgrades and lawn care, Bloomberg reported Wednesday (March 16).
Per the report, the companies are both trying to keep hold of the pandemic quarantine-era penchant for home improvement. Both companies’ revenues were way up during the pandemic and the stock market saw gains for both — Home Depot shares doubled, while Lowe’s shares tripled.
As the pandemic restrictions have been easing for months now, the spending boom on home improvements is likely to taper off a little from what it was.
To counter this, the companies are betting livestreams and virtual offerings will help keep some of those customers engaged, especially as customers have become used to doing those types of things via the internet.
Lowe’s said it would offer livestreams this spring season, which will be able to take up to 1,000 viewers and will focus on a variety of topics like “adding pizazz to a home office and making bathroom improvements,” along with a workshop for children on how to build a tabletop game.
Home Depot, meanwhile, plans to offer a virtual “Homeowner 101” workshop series on various projects like boosting a home’s curb appeal to outdoor living spaces.
PYMNTS wrote that Home Depot chairman and CEO Craig Menear had said the company’s approach to the current economy is “agility.”
Home Depot and many other companies faced challenges related to mask mandates, vaccine rates and changing foot traffic. As such, the PYMNTS report noted that agility, in Home Depot’s case, might focus more on giving customers what they want in terms of digitization.
The company saw 10.7% growth in sales for the fourth quarter.
“Fiscal 2021 was another record year for The Home Depot. We achieved a milestone of over $150 billion in sales,” Menear said in the company announcement. “Our ability to grow the business by over $40 billion in the last two years is a testament to investments we have made in the business, our ability to execute with agility, and our associates’ relentless focus on our customers.”