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.
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
Super Saturday and Christmas Eve Eve: A Winning Combination
3 Budget Grocery Chains Finishing 2023 On a High Note
Making It In America: International Chicken Chains Bring The Heat
Domestic Tourism at a Glance: A Q3 2023 Roundup
Five Pizza Chains On The Rise
Jewelry Brands Taking Advantage of the DTC Opportunity
Secondhand News: Kids' Thrift Shops
Recapping 2023’s Dining M&As
MetLife Stadium Kicks Off Football Season
Placer.ai Office Index: November 2023 Recap
Small Coffee Chains Brewing Big Success
Placer.ai White Paper Recap – November 2023
Thanksgiving Travel 2023 Recap
Checking in With Nike and Lululemon
Black Friday 2023 Retail Recap
Starbucks’ 2023 Holiday Menu & Red Cup Day Performance
Turkey Wednesday 2023
Who Attended the 2023 Pickleball Championship? 
Three Surprising Holiday Shopping Trends
What’s in Store for Ulta Beauty This Holiday Season?
Best Buy and Department Stores: A Holiday Deep Dive
Discount & Dollar Stores: Strength Toward The End of the Year
The State of Off-Price Retail: Discounts Seal The Deal
Placer Mall Index Recap: October 2023
Placer.ai Office Index: October 2023 Recap
Retail Corridors Ahead of the 2023 Holiday Season
California, Here Gap Comes
Checking in With Home Improvement
Getting Into the Glasses Game: Warby Parker Takes Over
Fitness Positioned for a Strong 2023 Finish
White Paper Recap: October 2023
Coffee Giants Brewing Up Business
Popeyes and Burger King Lead the Way
Diving into Yum!
Looking Ahead to Black Friday 2023
Blockbusters Drive Movie Theater Comeback
Crocs and Boot Barn: Shoe-Ins for Success
McDonald’s and Chipotle's Winning Recipe
The State Of Steak: Checking in With Texas Roadhouse
Pleasant Pastimes: Pickleball Potential Proves Potent
Who’s Driving Downtown Manhattan’s Weekend Revival?
Diving into Downtown Manhattan Foot Traffic Trends
Rite Aid: Rightsizing Right
Major League Soccer: Its Die-Hard and Casual Fans
The Anchor Recap: September 2023
Placer.ai Office Index: September 2023 Recap