With DIY projects thriving amid the coronavirus pandemic, more consumers might consider RIY: rent it yourself.
Lowe’s on Wednesday announced the company’s lease of the tool and joins its biggest competitor Home Depot, which already rents trucks, power tools and other equipment.
The North Carolina-based home improvement chain plans to add tool rental departments to stores across the nation, starting Thursday with a location in Charlotte, North Carolina.
The national rollout is expected to take place over many years with about 300 plans per year, said Fred Stokes, Lowe’s senior vice president of pro sales and services, in an interview with USA TODAY.
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On Wednesday, Lowe’s reported its quarterly revenue and announced online sales rose 135%, while sales from the same store, including those outside the US, rose 34.2%. CEO Marvin Ellison said in a prepared statement that customers were mostly focused on repairing and maintaining their homes.
Home Depot also reported a 23.4% increase in quarterly sales this week at stores that opened worldwide for at least a year, which was helped by a frenzied pace for do-it-yourself home renovations.
Each section of Lowe’s Toole will be about 4,000 square feet in newly constructed spaces that will expand stores or be adjacent to an existing store, Stokes said, adding the space will include a mechanic’s shop. The company has 2,200 home improvement and hardware stores in the US and Canada.
Tools for rent will include dishwashing, restoration, sanitation and concrete tools under brands such as Husqvarna, Bosch and Metabo HPT.
Stokes said the program for the pandemic was planned as part of the company’s strategy to be the “new home for pros”, adding more than 70% of pros use business trading companies.
“For all of our customers, having the right tool is the key to any project, but they may not always want to buy a new tool or piece of equipment,” Stokes said. “Lowe’s Tool Rental helps customers save on the cost of owning, maintaining and storing the tools they need.”
Lowe has previously offered rental tools in as many as 50 stores through Sunbelt Rentals that rented space outside some of their stores, Stokes said, adding the program was more aimed at DIY customers than pros.
A list of stores that will receive the new rental departments after the opening of the first location was not available. The program’s website is www.lowes.com/Rental and there will be an online reservation option as self-service kiosks in store.
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Contribution: Associated Press
Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko
