Thanks for Visiting!

Register for free to get the full story.

Sign Up
Already have a Placer.ai account? Log In

Home Improvement: Leave it to the Pros

by 
Ezra Carmel
 on 
November 9, 2022
Home Improvement: Leave it to the Pros

At the height of the pandemic, the home improvement sector boomed as consumers stuck at home took on DIY projects and invested in their living spaces. As life begins to take on an air of normalcy, DIY projects are no longer providing the foot traffic boost they once did. Nevertheless, demand for professional renovations is on the rise, which presents an opportunity for leaders in the home improvement category to sustain visit growth in the new normal - especially from the ever-critical professional contractor. 

We dove into the foot traffic data for three key players in the home improvement space – The Home Depot, Lowe’s Home Improvement, and Tractor Supply Co. – to examine how recent trends are impacting their strategy and driving visits.  

Home Depot and Lowe’s: Going Pro

The pandemic gave a massive boost to the home improvement category, which makes for a tough year-over-year (YoY) comparison that has persisted throughout 2022. But although visit levels are reverting to the norm, the sector still appears to be weathering inflation – and home improvement leaders are making moves to increase their appeal among key consumers. 

With the DIY-driven surge over, Home Depot and Lowe’s are now finding success by offering services that cater specifically to professional contractors. Home Depot has opened several flatbed distribution centers that can fulfill large orders and deliver directly to a construction site. Similarly, Lowe’s is piloting a Pro Fulfillment Center in Charlotte, NC, which provides a large assortment of construction materials available for next-day delivery. 

Both chains already have loyalty programs – Lowe’s MVPs Pro Rewards and Home Depot’s Pro Xtra Loyalty Program – that cater to the pro customer, and the companies are looking to ramp up their appeal to this critical consumer segment. Lowe’s kicked off the month of November – or PROvember – with extra perks and a guidebook for pro customers. Home Depot also launched the Path to Pro Network – a jobseeker marketplace designed to help skilled tradespeople connect with contractors looking to hire. 

The going-pro strategy appears to be yielding results. In recent weeks, Home Depot and Lowe’s year-over-three-year (Yo3Y) visits approached or surpassed pre-pandemic levels. The week of October 24th, 2022, Home Depot’s Yo3Y visit gap was only 2.6% while Lowe’s Yo3Y visits were 5.1% below the equivalent week in 2019.

Tractor Supply: A Rising Star

Unlike Home Depot and Lowe’s, Tractor Supply. isn’t focused on chasing the pro customers. The chain – primarily positioned in rural and agricultural markets – has focused instead on expansion of the brand. 

Tractor Supply opened hundreds of new locations in recent years and is on track to open 75-80 locations in 2022. Adding to its rapid expansion, Tractor Supply recently acquired Orscheln Farm and Home and plans to rebrand some 81 of those locations as Tractor Supply stores. 

As Tractor Supply cements its stronghold in rural markets, it has gained a significant foot traffic boost from migration trends away from cities and the rise of farming hobbyists since the onset of the pandemic. 

Compared to 2019, Tractor Supply has experienced tremendous visit growth with weekly Yo3Y visits up 33.1% the week of October 24th, 2022. The chain’s YoY data shows weekly visits remained close to or above 2021 levels which indicates the sustained foot traffic growth of Tractor Supply. 

The Home (Improvement) Stretch

A pandemic-induced DIY boom dominated the home improvement storylines in 2020 and 2021. But as construction and professional remodeling make a comeback in 2022, the leading narrative centers around cornering the pro customer market. 

The home improvement space remains particularly resilient to macroeconomic turbulence as the category leaders continue to show their ability to capitalize on perpetually shifting trends.

For updates and more data-driven retail insights, visit Placer.ai

Get 3 brand & industry
breakdowns every week

Subscribe to the newsletter

Great! Prepare your inbox for data-driven insights...
Oops! Something went wrong while submitting the form.

Get a Demo

Please enter your first name
Please enter your last name
Please provide a valid email
Please enter your email
Please enter company name

Thanks for reaching out!

One of our experts will be in touch soon

Try Placer.ai Free
Oops! Something went wrong while submitting the form.
Text Link
Home Improvement
Text Link
Home Depot
Text Link
Lowe's
Charting Value Grocery’s Visit Growth
Placer 100 Index for Retail & Dining: Introduction and May 2024 Recap
Digging Into Darden: Q2 2024 Update
2024 Retail and Dining Trends Update
TRU and avid: Midscale Hotels on the Rise 
Diving Into Kroger: A Strong Start to 2024
Placer.ai Mall Index: May 2024 Recap – Mall Visits on the Rebound
Placer.ai Office Index: May 2024 Recap
2024 Memorial Day Recap
Las Vegas: A Tourism and Migration Deep Dive
Eatertainment Chains: Full on Food, Fun, and Foot Traffic
The Promise of Luxury Apparel
Catching Up With Ulta Beauty & Gap Brands
Ollie’s Bargain Outlet and Five Below: Q1 2024 Treasure Troves
CAVA Still Going Strong
Driving Success: Auto Parts Chains in 2024
Checking in With DICK’S Sporting Goods
Mother’s Day Shopping and Dining Trends
Placer.ai Mall Index: April 2024 Recap – Retail Resilience Heading into Spring
Dollar Stores Still Gaining Momentum
Off-Price Apparel Chains After Q1 2024: Demographics in the Balance
Walmart, Target, and Wholesale Clubs Continue to Thrive
Home Improvement and Decor Check In
Placer.ai Office Index: April 2024 Recap – Recovery Continues
Movie Theaters in Q1 2024: A Preview of Coming Attractions?
Let’s Get Physical: Fitness In 2024
Where Are Workers Returning to Office in 2024?
2024 Wins: Sweetgreen & First Watch on the Rise
A Full-Service Turnaround: Bloomin’, Dine, and Texas Roadhouse
Wendy’s and Denny’s: Breakfast and Late Night Dining Drives Success
Coffee Chains: Q1 2024 Update and What’s Changed Since COVID
Checking in with RBI and YUM!
Chipotle & McDonald's Serving Up Success
Wingstop & Shake Shack Continue Growing Their Reach 
Strong Start for Sprouts in 2024
Crocs’ Footwear Fairytale
Who Attends NCAA Final Four Events?
Eclipse Fever: How Did the (Retail and Hospitality) Stars Align?
Exploring Albertsons Companies’ Grocery Growth
Placer.ai Mall Index: March 2024 Recap – Malls Rise Again
Placer.ai Office Index: March 2024 Recap
Florida Spring Break Break-Up? Travelers Still Love Florida!
Provo-Orem and Ogden-Clearfield Emerging As Utah Hotspots 
Three Formulas for Experiential Retail in 2024
Aldi & Lidl Making The Cut
Texas Suburbs on the Rise
Exploring Luxury Hotel Brands’ Guest Segmentation
The St. Patrick’s Day Effect
How Can JOANN Make a Comeback?
Panera Bread Well Positioned for Possible IPO
Who Will Benefit From Family Dollar’s Downsizing?
Dave & Buster’s and Main Event Entertainment: Food and Fun for Everyone
Darden Brands: Location Analytics and Consumer Behavior
Nike and lululemon: a Strong 2023, Sprinting into 2024
Where Is Retail and Dining Foot Traffic Thriving in Early 2024?
Placer.ai White Paper Recap – February 2024
Three Retail & Dining Chains That May Surprise in 2024
Specialty Discount Chains Rock Retail Therapy
Placer.ai Mall Index: February 2024
Placer.ai Office Index: February 2024 Recap
Ulta Beauty Continues To Shine
First Watch Sails Into 2024
Hibbett Sports and DICK’S Sporting Goods: A Psychographic Analysis
Checking in With Discount & Dollar Stores
Peeking Behind The Curtain: Movie Theaters in 2023 and Beyond
Diving Into Brick-and-Mortar Eyewear
Getting Into Gear: Exploring The Auto Part Industry
Recapping Valentine’s Day 2024 Foot Traffic Trends
Fitness: A Strong Start to 2024
Dutch Bros. Continues To Percolate Visits
Super Bowl 2024: Placer.ai’s Postgame Foot Traffic Analysis
CAVA & sweetgreen Are On the Rise
Hats Off For Off-Price
Who Is Shopping at Malls?
Drilling Down Into Home Improvement
Walmart, Target, Costco & Superstore Space 2023 Recap
Catching Up With Shake Shack and Wingstop
Something To Chew On: Demographic Shifts at Steakhouse Chains
Placer.ai Office Index: Looking Back at 2023
Recapping RBI & Yum! Brands’ 2023 Foot Traffic Performance
Placer.ai White Paper Recap – January 2024
Who Shops at Anthropologie and Urban Outfitters?
Three Taco Chains to Watch in 2024
Starbucks and Dunkin’: 2023 in Four Data Points
Who Visits CVS and Walgreens?
Fashionably Frugal: Apparel in 2023
Catching Up With Fast Food
The Grocery Sector in 2023: An End-of-Year Recap
3 Mall & Shopping Center Trends for 2024
Bakery Chains Rising To The Top
Placer.ai and Esri Partner to Deliver Geospatial Analytics
Tampa Tourism Trends
Going For The Green: The Changing Dynamics Of Country Clubs
Christmas Day Dining Recap
Major Urban Shopping Districts – Holiday Season Recap
Placer.ai Office Index: December 2023 Recap
Recapping the 2023 Holiday Shopping Season
Placer.ai White Paper Recap – December 2023
7 Retail & Dining Segments to Watch in 2024
Diving Into Holiday Season Favorites