18 hours Ago By Ethan Singh
LOWE’s have introduced a new aisle scheme similar to Costco and Target that will save shoppers bags of cash.The retailer has launched a new line of budget-friendly household items priced at $5 or less.GettyLowe’s has launched a new private label[/caption]GettyThe aisle scheme is similar to that in Costco[/caption]APIt has also drawn similarities to Target[/caption]The collection, known as Lowe’s essentials, kicks off with seven everyday products.
These include gloves, storage bins, grill brushes, plastic hangers, kneeling pads, and garden tools.Shoppers can spot these items right at the front of the store, making them impossible to miss.In an interview with CNBC, CEO Marvin Ellison said the new line is all about attracting value-seeking customers and going head-to-head with competitor Home Depot.
A retail expert pointed out that Lowe’s move is also a strategic defense against rising online threats like Shein and Temu. “Rather than let customers head to dollar stores or mass merchants for cheap home goods, we’re creating a brand with affordable pricing right from the start,” he explained.Based on early reviews, customers seem to be loving it.
Of the 328 reviews so far, all the products have earned high marks.The grill brush scored the lowest with 4.3 stars out of five, while several items hit the perfect score.
Lowe’s isn’t the only retailer jumping on the private label bandwagon. Safeway has Overjoyed, Target boasts Good & Gather, All in Motion, and Dealworthy, and Costco‘s got Kirkland Signature.And this isn’t Lowe’s first foray into private labels either.
The chain also carries Kobalt tools and allen + roth home décor.It comes as chains like Walmart, Aldi, Target, and Kroger are rolling out private labels with products priced under $5.These new lines appear to be a direct response to American shoppers feeling the pinch after years of inflation.
MORE ON STORE NEWSNumerous store chains, including Aldi and Publix, will be closed for 24 hours to observe the holidays.Meanwhile, some other retailers will continue to operate as normal.In other news, a popular restaurant chain has closed a location after 20 years of operation.
The chain is closing most of its locations after filing for Chapter 11 bankruptcy.US braces for '45,000 store closures'Some 45,000 bricks-and-mortar stores could close in the next five years, experts have warned.Several major retailers have announced store closures or gone out of business altogether in recent years.
In 2023, chains such as Foot Locker announced plans to close up to 400 outlets by 2026.While, other well-known retailers like Tuesday Morning and Mitchell Gold + Bob Williams filed for bankruptcy in 2023. Bed Bath & Beyond has closed all of its brick-and-mortar stores and is now an online-only retailer.
The most affected retailers have been clothing, consumer electronics, sporting goods, hobby, book, music, and home furnishing stores since the start of 2019.UBS has predicted the total number of retail stores will drop by 45k from 958k to 913k.Despite that, the report says that certain stores should thrive while others decline.
It said retailers such as Walmart, Costco, Home Depot, and Target, could be among the winners..
