10/5/2023 0 Comments Home depot foot traffic![]() Our analysis shows that the median driving time between Home Depot and the closest Lowe’s is 7 minutes. GO’s analysis is based on the premise that Home Depot and Lowe’s generally have the same geographic footprint and show little concern about having stores close to one another. The most significant gap based on the number of stores is located in the Miami-Fort Lauderdale region.Īs aforementioned, we found 14 potential sites that Lowe’s should consider for future expansion. Our research showed that Lowe’s actually lags Home Depot in 18 out of 20 fastest-growing CBSAs, with the largest exception being Charlotte, which is Lowe’s home city. ![]() We then use existing Lowe’s stores to build a demographic profile to filter down the list of potential Home Depots to compete with to best match Lowe’s current profile for site selection. Using the CBSA methodology, GO was able to assess both Home Depot and Lowes trade areas, and determine the areas where Lowe’s has a lower market share. geographic area defined by the Office of Management and Budget that consists of one or more counties (or equivalents) anchored by an urban center of at least 10,000 people plus adjacent counties that are socioeconomically tied to the urban center by commuting. A core-based statistical area (CBSA) is a U.S. To assist in our search of those locations, GO focused on areas of fastest population growth in the US. Using Orbital Insight’s geospatial-driven GO platform has given us powerful insights into the peculiarities of Lowe’s stores versus Home Depot’s, and enabled us to pick 14 store locations that can make a positive difference for Lowe’s foot traffic. So, How Can We Improve The Market Situation For Lowe’s? It also does not attract traffic in the scale of its rival. Two - and this is possibly more important than the first - Despite being around for much longer, Lowe’s store sales have historically lagged those at Home Depot. This means Lowe’s has been in business for 30 years longer than its rival. One - Lowe’s was founded in 1946, and Home Depot was established in 1978. Here, we list just two, for historical and market context:
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