While Lowe's ranks among the pandemic's retail winners, the home improvement retailer isn't betting on do-it-yourself, stay-at-home trends to continue indefinitely. Instead, CEO Marvin Ellison points to the retailer's turnaround strategy, whose implementation was in full swing when the pandemic struck. The initiatives included a redesigned website, improvements to stores, and supply chain investments. The gains Lowe's has made in the last year are a reflection of those efforts, and not just of Lowe's essential retailer status or of homebound consumers looking for a project, according to Ellison. And Lowe's has a plan to capitalize on those gains with or without the shopping trends and consumer habits created by the pandemic.
“We believe that 2020 was not an anomaly,” he said, adding that it plans to gain market share even as the pandemic wanes.