Thanks for Visiting!

Register for free to get the full story.

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

Kings of 2020: Home Improvement

by 
Ethan Chernofsky
 on 
November 10, 2020
Kings of 2020: Home Improvement

2020 was a banner year for madness in the retail sector, but even amid the pandemic that upended much of the ecosystem, there were bright spots. And none shined brighter than the home improvement sector led by industry giants Home Depot and Lowe’s.

Huge Year-over-Year Growth Continues

When Home Depot and Lowe’s saw huge growth numbers during the spring, the thought was that the sector was enjoying a perfect storm of positive factors. They were essential retail, the normal seasonal peak for this group was during the spring and we had all been given ample time to finally dive into our DIY tasks because of the lockdown. 

And the pace did appear to be dying down, until there was another jump in August. Instead of normalizing, the success lingered and August saw huge year-over-year growth numbers for both brands with Home Depot seeing a year-over-year visit increase of 23.9%, while Lowe’s saw a jump of 30.2%. Finally, September seemed to mark the end of this crazy, extended visit surge with visits up just 10.7% and 17.0% year over year for Home Depot and Lowe’s respectively.

New Holiday Peaks?

But amazingly, after this second dip, it does appear visits are again back on the rise heading into what could be an enormous holiday season for these chains. Looking at the weeks beginning October 12th and 19th, Home Depot saw average year-over-year visit growth of 15.3% while Lowe’s saw an increase of 22.5%, far ahead of the September pace. And this drove October visits that were up 15.7% and 23.9% year over year for Home Depot and Lowe’s respectively. So while we have gone far beyond any reasonable expectation of what this sector can achieve in 2020, the holiday season appears poised to only add value. And Home Depot is showing signs of holiday dominance once again with visit rates jumping the first week of November to up 17.3% year over year, a rate it hadn’t seen since early September.

Shifts in Market Share?

And the jumps are making this sector incredibly exciting as Lowe’s may finally be proving capable of making a run at the Home Improvement throne. Where Home Depot had held 56.5%, 57.3% and 57.9% of the overall market in January, September and October of 2019 respectively, Lowe’s actually surpassed Home Depot in April holding 50.3% of the overall visits to the group. Yet, this was largely due to external factors like the level of restrictions Home Depot had in place in April and its geographic distribution. 

And as a result, when Home Depot did fully reopen the visit split normalized quickly, with Home Depot holding 55.9% and 56.2% of the overall visits to the two retailers by September and October of 2020 respectively. And this plays in to a similar trend we saw last year where Home Depot enjoyed a much stronger Q4 performance in 2019 than Lowe’s, and should it see the same in 2020, its overall lead may actually grow. However, if Lowe’s can prove capable of sustaining its surge through the holiday season, this battle of giants may start to get interesting.

Will Lowe’s challenge Home Depot for home improvement supremacy in 2020? Visit Placer.ai to find out.

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.
The CAVA Craze: A Location Intelligence Perspective on the Mediterranean Marvel
How Will Primark’s US Expansion Impact Target?
All Eyes on Eyewear
Northwestern U.S. Grocery Dive
Return of the Lunch: Salad Chains Are Thriving
Retail Media Networks – Off the Beaten Track
Bet Your Bottom Dollar: Discount and Dollar Stores Drive Foot Traffic
Ulta & Lululemon: Discretionary Spending On The Up
The Score After Q1: Sporting Goods Chains
Who Uses NYC Airports: Biting Into The Big Apple’s Main Transport Hubs
Off Price: Strength in The Face of Retail Challenges
Visits Improve for Home Improvement
Walmart, Target & Wholesalers in Q1 2023 – The Return of Mission-Driven Shopping?
Department Store Roundup: Q1 2023
Placer.ai Office Index: April 2023 Recap
Placer.ai Mall Index, April 2023 – A Rebound on the Horizon?
How Will Bed Bath & Beyond’s Bankruptcy Impact the Retail Space?
Buffet Restaurants: Filling Up on Foot Traffic
Thrift Stores: Vintage Visits Drive New Age in Apparel
The Windy City: A Hub of Post-Pandemic Opportunity
Diving into Dining Traffic - Q1 2023
Bring On The Joe
A Dollar (or more) For Your Thoughts: Five Below and pOpshelf
Dining Out With The Cheesecake Factory
Retail Foot Traffic Recap – March 2023
Digging Into 2023: McDonald’s and Chipotle Update
Placer.ai Office Index: March 2023 Recap
How Did Key Retail Categories Perform in Q1 2023?
Northeastern USA Grocery Dive
Movie Theaters Storylines for 2023
Ollie's Bargain Outlet: Discounters are Evolving
Leveraging Brick-and-Mortar Retail in 2023
America’s Evolving Work Patterns: A Deep-Dive into New York and Chicago
Placer.ai Mall Index March 2023
Tuning Into Record Stores
Five Franchises To Watch in 2023
What’s Next For Domestic Tourism?
It’s Showtime! Movie Theaters in the Spotlight
5 Limited Time Offers (LTOs) Driving Restaurant Traffic
Department Store Deep-Dive: Belk
Regional Grocery Chains Staying Ahead of the Competition
Five Chains that Rightsized for Success
Unlocking the Potential of Offline Retail Media Networks
Dining Out With Darden
What’s in Store for Self-Storage?
Nike & lululemon Update: Strong Performance Amid Expansion Plans
Many Ways to Win: Midwest Grocery Deep Dive
Retail, Reinvented: The Rise of the Pop-Up Shop
Navigating a New Normal in Business Travel & Commutes
Placer.ai Office Index: February 2023 Recap
Retail Categories Staying Strong in Volatile Environment
Ulta Beauty: Poised for Success into 2023
Placer.ai Mall Index February 2023: Reasons for Continued Optimism
Catching Up With DICK’s & Hibbett
The Miami-Dade Arena: An Advertising Slam Dunk
Car Washes Revving Up Visits
Tuesday Morning and Sunrises in Home Furnishing
Dining & Valentine’s Day Recap
2023: The Year of the Discount Store
Aldi’s Success Highlights Growing Demand for Value Groceries
5 Retail & Service Categories Holding onto Pandemic Gains in 2023
Visitor Insights from Super Bowl 2023
2023 First Look: Home Improvement Update
How Are Target, Walmart, and Wholesale Clubs Faring in 2023?
Department Store Deep-Dive: Nordstrom
Off-Price: Taking Off in Uncertain Times
Checking in On Middle-Class Hubs
Who Attends the Super Bowl?
Placer.ai Office Index: January 2023 Recap
Focusing On Fitness: Q4 and January Recap
Placer.ai Mall Index: January 2023 – Returning Mall Normalcy?
Location Intelligence Insights Into Concert Attendance
Winning Dining Strategies for 2023
In-N-Out Burger: What to Expect as the Brand Moves East
Location Intelligence Breakdown: Coffee Caps-Off 2022
Digitally Native Brands Lean Into Brick & Mortar
Washington, D.C. Population Changes & Migration Trends
A Location Intelligence Perspective on Macy’s Rightsizing
Amazon-Powered Shopping: The Future of Brick-and-Mortar Grocery?
Cold Weather, Hot Visits: Diving into Winter Resorts
Wawa and 7-Eleven: Leaning Into the “Slurpee Effect”
2022 and Beyond: Catching Up With McDonald’s & Chipotle
Let’s Have Some Fun! Going Out Is In
Placer.ai’s Q4 2022 Quarterly Index
Placer.ai Adds Industry Executives to Leadership Team To Drive Company's Next Phase of Growth
5 Emerging Retail Formats: 2023’s Brick-and-Mortar Evolution
Grocery Update: Zooming in on the Lone Star State
2022 Office Recap: The Year of the TGIF Work Week
What Lies Ahead for Brick-and-Mortar Luxury in 2023
Placer.ai Mall Indexes: December 2022 Recap
Looking Back on 2022’s Holiday Shopping Season
Post-Pandemic Migration Trends in New York
Top Retailers for 2023
The Live Sports Advertising Opportunity
Domestic Migration to the Mountain States: Small Shifts with Big Implications
New Year, New Food: 5 Dining Trends For 2023
Announcing Placer.ai’s COVID RECOVERY DASHBOARD
This is Why Shop-in-Shops Are Everywhere
Super Saturday 2022 Recap
The San Francisco Shift