Thanks for Visiting!

Register for free to get the full story.

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

Home Improvement Update

By 
Ethan Chernofsky
May 17, 2021
Home Improvement Update
SHARE
Explore our free tools to get timely insights into key industries
Check out the latest trends for
No items found.
Key Takeaways

April marked an important month for retail recovery, but one sector that may be less thrilled to see the coming spring is home improvement. The brands in the space have seen incredible strength throughout the pandemic, with Q1 marking another strong quarter.

Yet, unlike most sectors that will benefit from 2020 weakness to emphasize 2021 strength, home improvement leaders will be compared to their unique peak during the pandemic. These brands will be tested to see if 2020’s success was a ‘lightning in a bottle’ moment or the beginning of a much larger and ongoing trend.

The Rise Continues (For Most)

Over a year ago in April 2020, as most of the retail sector suffered through full shutdowns, home improvement leaders leveraged essential retail status to drive strength. The month was especially successful for Lowe’s which saw visits jump 14.4% year over year. However, this peak - driven by the combination of essential retail status, alignment with a normal seasonal peak and an increased interest in improving the home - created a difficult mark to match in 2021.

So while Home Depot, Tractor Supply and Harbor Freight saw year-over-year visit growth of 23.6%, 34.3% and 34.3% respectively, Lowe’s saw a 0.2% year-over-year decline. Notably, this is the first decline Lowe’s has seen since the pandemic began impacting retail in February 2020. 

But while Home Depot and others deserve tremendous credit for their continued growth, it's important to put Lowe’s decline into proper context. While the brand did indeed see visits drop year over year, when comparing April 2021 to April 2019, there was actually a 14.2% increase. Using that same comparison, Home Depot saw 17.9% jump, with Tractor Supply seeing a massive 47.1% increase. 

Essentially, all home improvement metrics are going to be weighed against the unique peak experienced last year, allowing the added 2019 comparison to provide wider context. So while a 0.2% visit decline in April for Lowe’s may seem problematic against the backdrop of growth for competitors, it is critical to remember that the month was still exceptionally strong for the brand.

Home Improvement’s Balance of Power

And this becomes all the more critical when comparing Home Depot and Lowe’s directly. In April 2020, Home Depot saw a 4.6% year-over-year visit decline as Lowe’s surged to a 14.4% increase. This, likely driven by regional differences and a slightly stricter approach to shopper counts, gave Home Depot a position to drive bigger growth numbers. 

But the real question boils down to how these shifts impacted the overall balance of power in Home Improvement. And while a major change would be more exciting, the reality is that the pandemic’s retail environment was more likely a tide that lifted all home improvement boats.

Apart from April 2020, when Lowe’s surpassed Home Depot in overall visit share because of the reasons mentioned above, Home Depot has maintained its visit share lead. In March and April of 2019, Home Depot averaged an 8.2% greater visit share than Lowe’s when looking at a group of five top home improvement retailers, a number that grew slightly to 8.4% in 2021. Tractor Supply also saw its share among the analyzed group grow from 5.7% in 2019 to 6.7% in 2020. But in the end, the players analyzed showed fairly minor shifts in relative positioning while enjoying an overall boost that drove an extended surge for the entire sector.

Can success continue at this magnitude? Visit Placer.ai to find out.

Learn how downtown regions across US cities are measuring up with our free tools.
Check out the latest trends for
No items found.

Related Topics

Explore our free tools to get timely insights into key industries
Check out the latest trends for
No items found.
SHARE
Get 3 brand & industry
breakdowns every week
Subscribe to the newsletter
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.

Recent Publications

Get 3 brand & industry breakdowns every week

Subscribe to the newsletter
Serving Summer 2024: RBI and Yum! Brands Q2 Foot Traffic
Starbucks, Dutch Bros., Dunkin’: Finding Summer Success
Fast Food and Fast Casual Favorites, Plus CosMc’s Takeoff
Chipotle and Sweetgreen: Fast-Casual in Q2 2024
First Watch, Texas Roadhouse, and Applebee’s: An FSR Roundup
Albertsons Companies: H1 2024 Recap
Teaming Up For Success: Sports Stadium Sponsorships
Limited Time Offers: Price Wars Boost Visits
Placer 100 Index for Retail & Dining: June 2024 Recap
Placer.ai Mall Index: June 2024 Recap
Placer.ai Office Index: June 2024 Recap
Inside Out 2: The New Blockbuster Bringing Crowds Back to Theaters
Petco and PetSmart: A Head to Head
Frozen Delights: Exploring Ice Cream Chains Across America
Placer.ai White Paper Recap – June 2024
Barnes & Noble: Writing a New Story
Small Format Stores - Sprouting, Blooming, and Expanding
Retail and Dining on Father’s Day
Thrift Store Visit Scores
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