Dive Brief:
- Lowe’s annual Springfest event highlights its growing list of private labels and exclusive products from national brands with deals on a variety of home improvement items, per a company press release.
- Customers holding loyalty reward memberships or a Lowe’s credit card stand to benefit from additional discount offerings as part of the event that started Thursday and runs through April 16.
- Lowe’s use of private brands, including the recently launched Lowe’s Essentials, is a driving force behind lower prices for consumers and higher margins for the retailer. Items from Lowe’s Essentials brand sell for under $10.
Dive Insight:
Eight items currently make up the first batch of Lowe’s Essentials, including hangers, a watering can, a garden tool set, a stainless steel grill brush and a foam kneeling pad.
During the sale, Lowe’s is offering up to 40% off on select appliances, up to 20% off of Scotts Turf Builder grass seed and savings on select lawnmowers and leaf blowers.
“This spring at Lowe’s, we’re helping homeowners and Pros get the most out of spring with the amazing deals on Lowe’s exclusive products, special perks for our loyalty members and a whole week of the best savings on the one thing shoppers never get enough of — mulch,” Jen Wilson, senior vice president and chief marketing officer, said in a statement.
As part of a strategy to offer customers everyday low prices, Lowe’s said on its Q4 earnings call in February that it had launched its Lowe’s Essentials private brand. Lowe’s Essentials joins a growing list of owned brands the company is adding to its inventory as a way to generate sales and offer customers something exclusive.
“Because our private brands typically have higher margins than their national branded counterparts, these products will help increase our private brand sales and support our margin goals,” Bill Boltz, executive vice president of merchandising, said during the call.
Other Lowe’s private brands include Kobalt, Allen + Roth, Origin21, Style Selections and Sta-Green
Lowe’s isn’t the only national retailer using the seasonal change as a springboard for sales and discounts across a number of categories. Amazon announced it will bring back its Big Spring Sale on Tuesday through March 31, offering discounts of up to 40% in 35 categories, including apparel, beauty, outdoor furniture and garden supplies.
In November, Lowe’s said it was preparing for potential potential tariffs under the new Trump administration. While Lowe’s diversified its overseas supply chain during Trump’s first term because of tariffs, Lowe’s said that 40% of its products were still sourced offshore.