Lowe’s provides rental program details
During a virtual conference held this afternoon, Lowe’s provided more details about its new tool rental program.
The first Lowe’s Tool Rental location opened at the home improvement retailer’s Central Charlotte, N.C. store today. It’s the first of what will become a nationwide rollout to all Lowe’s stores over the next several years.
Fred Stokes, Lowe’s SVP of Pro Servies and Sales, said the new program is designed to assist pro customers and DIY customers alike.
“No one wants to spend money on tools that just it in storage,” Stokes told the online audience, noting that nearly 70% of contractors utilize rental services for tools.
The Lowe’s program will feature a brand new fleet of commercial-grade equipment and major brands including Bosch, Metabo HPT, and Husqvarna.
Products range from power tools to lawn and garden, towable equipment, drain cleaning, restoration, sanitation, concrete tools, and more. There is also merchandise for purchase, including new SKUs, to accompany the rental tools.
Customers can rent the products via in-store electronic kiosks, through the rental service desk, or online. Ongoing live tool demonstrations are also included in the new program.
According to Stokes, rolling out a tool rental program helps deepen the company’s relationship with pro customers as well as DIY customers.
“It gives customers a one-stop-shop for completing a project,” he said. “A customer can pick up the products for a project, and pick up the rental as well.”
The latest program is the next step in Lowe’s focus on extending its presence to professional contractors.
“Over the last 18 months we have been focusing on laying down the fundamentals to better serve the pro customer,” Stokes said. The strategy has included stepping up pro services, new technology, and while increasing the volume of products Lowe’s stores keep in stock.
This spring, Lowe’s hired about 100,000 new associates. And hiring will continue.
“I can’t think of a more important time in history where it is important for us to hire new associates,” Stokes said. This includes bringing new rental mechanics and supervisors on board in the coming months.
Additionally, Lowe’s Tool Rental program will not take away from existing space at company stores. Rather, Lowe’s plans to build new 4,000-square-foot rental departments that are attached or in close proximity to stores.
The Mooresville, N.C.-based home improvement giant first announced the new program on Aug. 19. Click here for more details.