In a surprising move, the big store chain Lowe's will soon close all its stores for one whole day. Lowe's decided to let its customers and workers take a break and enjoy a holiday.
Lowe's to Close Doors for Easter Celebration
All Lowe's stores will be locked on March 31 to honor Easter Sunday. This means anyone planning their Easter shopping must wrap it up by March 30 to avoid missing out.
Even though the physical stores will be closed, shoppers can still purchase online at Lowes.com throughout the holiday.
For those who find themselves in need of last-minute home improvement items on Easter, Home Depot will welcome customers. According to USA TODAY, Home Depot plans to keep its doors open from 8 am to 6 pm on the holiday.
Lowe's has a history of closing its stores on major holidays like Thanksgiving and Christmas Day.
The company's CEO, Marvin Ellison, explained that shutting down on Easter is a way to thank the employees for their dedication. "In recognition of our team's continued hard work, we are pleased to provide a well-deserved day off so they can spend Easter with their loved ones," he stated last year, emphasizing the importance of family time.
Ellison expressed his pride in the 300,000 workers who help communities and deliver top-notch service in spring and throughout the year. "To honor our team's constant hard work, we're happy to give them a well-earned break this Easter to enjoy time with their families," he said.
Data from ScrapeHero show that as of February 2024, Lowe's operated more than 1,700 stores nationwide.
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The Franchise Herald notes that several other retailers, alongside Lowe's, will close their doors on Easter Sunday. This group includes many grocery stores, so customers need to plan for any last-minute food purchases.
Stores like Costco, Sam's Club, Aldi, and Target have all announced they will not be open on Easter Sunday. Additionally, non-food retailers such as TJ Maxx will shut down for the day, affecting various shopping needs.
Lowe's CEO Shares Outlook Amidst Challenges
Following a downturn last year, Lowe's CEO Marvin Ellison has voiced concerns about the future. He elaborated on the anticipated decrease in do-it-yourself (DIY) demand over the next few years.
Ellison highlighted several factors during the company's fiscal fourth-quarter earnings call last month, pointing out the chronic lack of housing, the increasing number of millennials setting up their own homes, older generations choosing to stay in their current homes, and the steady trend of working from home.
"Given these factors, we're confident that demand for home improvement will gradually increase, benefiting both homeowners and professional customers," said Lowe's CEO Marvin Ellison.
However, Lowe's faced a 6.2% drop in comparable sales for the quarter ending February 2, mainly due to DIY customers postponing purchases of high-cost items. The company predicts a 2% to 3% fall in comparable sales for 2024.
The housing market remains sluggish, with sales of previously owned homes at an all-time low, mortgage rates around 7%, and home prices high. These conditions discourage many from buying or selling homes.
Ellison mentioned that these trends suggest DIY demand might face challenges in the short term.
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